California Public Employees Retirement System Reduces Position in Globus Medical, Inc. (NYSE:GMED)

California Public Employees Retirement System cut its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 15.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 176,302 shares of the medical device company’s stock after selling 31,733 shares during the quarter. California Public Employees Retirement System owned approximately 0.13% of Globus Medical worth $9,395,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Duality Advisers LP lifted its holdings in Globus Medical by 87.0% during the fourth quarter. Duality Advisers LP now owns 14,291 shares of the medical device company’s stock valued at $762,000 after purchasing an additional 6,650 shares during the last quarter. Greenleaf Trust bought a new stake in shares of Globus Medical during the fourth quarter valued at about $248,000. Knights of Columbus Asset Advisors LLC increased its position in shares of Globus Medical by 96.9% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 85,107 shares of the medical device company’s stock valued at $4,535,000 after buying an additional 41,887 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Globus Medical by 25.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,179 shares of the medical device company’s stock valued at $1,608,000 after buying an additional 6,186 shares during the period. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Globus Medical during the fourth quarter valued at about $1,727,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GMED has been the topic of several analyst reports. Stifel Nicolaus upped their price target on Globus Medical from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Monday, March 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Finally, Truist Financial upped their price target on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.33.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the transaction, the director now directly owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 24.30% of the company’s stock.

Globus Medical Stock Up 0.1 %

Shares of NYSE GMED opened at $50.48 on Friday. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $62.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The firm’s 50 day simple moving average is $52.66 and its two-hundred day simple moving average is $51.26. The stock has a market capitalization of $6.83 billion, a P/E ratio of 43.15, a PEG ratio of 1.46 and a beta of 1.11.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business had revenue of $616.53 million for the quarter, compared to analysts’ expectations of $608.21 million. During the same period last year, the business earned $0.59 earnings per share. The business’s quarterly revenue was up 124.6% on a year-over-year basis. As a group, analysts expect that Globus Medical, Inc. will post 2.69 EPS for the current fiscal year.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.