First Trust Advisors LP cut its stake in Globus Medical Inc (NYSE:GMED) by 11.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,542 shares of the medical device company’s stock after selling 7,436 shares during the period. First Trust Advisors LP owned 0.06% of Globus Medical worth $2,577,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its holdings in Globus Medical by 4,284.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,250,619 shares of the medical device company’s stock valued at $29,000 after acquiring an additional 1,222,096 shares in the last quarter. Huntington National Bank acquired a new stake in shares of Globus Medical during the fourth quarter worth $38,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Globus Medical during the fourth quarter worth $117,000. Quantamental Technologies LLC acquired a new stake in shares of Globus Medical during the fourth quarter worth $162,000. Finally, Csenge Advisory Group acquired a new stake in shares of Globus Medical during the third quarter worth $196,000. 68.37% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have weighed in on the stock. Credit Suisse Group assumed coverage on shares of Globus Medical in a report on Monday, December 17th. They set an “outperform” rating and a $53.00 target price on the stock. UBS Group raised shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Thursday, February 28th. Cantor Fitzgerald reissued a “buy” rating and set a $65.00 target price on shares of Globus Medical in a report on Wednesday, January 9th. Morgan Stanley cut shares of Globus Medical from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $64.00 to $49.00 in a report on Wednesday, January 2nd. Finally, ValuEngine cut shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, January 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $56.36.
GMED stock opened at $46.68 on Friday. Globus Medical Inc has a fifty-two week low of $38.01 and a fifty-two week high of $57.83. The stock has a market capitalization of $4.61 billion, a P/E ratio of 27.95, a PEG ratio of 2.35 and a beta of 0.86.
Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, February 21st. The medical device company reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.03. Globus Medical had a net margin of 21.95% and a return on equity of 15.22%. The business had revenue of $195.94 million for the quarter, compared to analysts’ expectations of $195.50 million. Analysts expect that Globus Medical Inc will post 1.72 earnings per share for the current year.
In related news, President Anthony L. Williams sold 212,082 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $46.83, for a total value of $9,931,800.06. Following the sale, the president now owns 89,583 shares of the company’s stock, valued at approximately $4,195,171.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Anthony L. Williams sold 165,870 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $47.05, for a total transaction of $7,804,183.50. Following the completion of the sale, the president now directly owns 89,583 shares in the company, valued at approximately $4,214,880.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 423,852 shares of company stock worth $19,916,004. Corporate insiders own 28.44% of the company’s stock.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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