Globus Medical, Inc. $GMED Shares Sold by Covea Finance

Covea Finance lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 27.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,200 shares of the medical device company’s stock after selling 41,300 shares during the period. Covea Finance owned approximately 0.08% of Globus Medical worth $9,622,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Burgundy Asset Management Ltd. boosted its position in Globus Medical by 24.3% in the second quarter. Burgundy Asset Management Ltd. now owns 3,481,438 shares of the medical device company’s stock valued at $205,474,000 after buying an additional 679,691 shares during the last quarter. William Blair Investment Management LLC raised its position in Globus Medical by 17.2% during the 3rd quarter. William Blair Investment Management LLC now owns 2,819,165 shares of the medical device company’s stock worth $161,454,000 after buying an additional 414,134 shares during the last quarter. Sculptor Capital LP lifted its stake in Globus Medical by 31.9% during the 2nd quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock valued at $162,936,000 after acquiring an additional 667,850 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Globus Medical by 1,303.9% in the 3rd quarter. Alliancebernstein L.P. now owns 2,055,183 shares of the medical device company’s stock valued at $117,700,000 after acquiring an additional 1,908,795 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Globus Medical by 72.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,011,104 shares of the medical device company’s stock valued at $115,166,000 after acquiring an additional 842,547 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Down 0.3%

NYSE:GMED opened at $86.07 on Friday. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $101.40. The stock’s 50-day moving average price is $90.10 and its 200-day moving average price is $79.13. The stock has a market capitalization of $11.64 billion, a PE ratio of 21.84, a price-to-earnings-growth ratio of 2.02 and a beta of 1.05.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.22. The company had revenue of $826.42 million during the quarter, compared to analysts’ expectations of $803.29 million. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.Globus Medical’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.84 EPS. Sell-side analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GMED shares. Needham & Company LLC raised their target price on shares of Globus Medical from $112.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Morgan Stanley upped their price target on shares of Globus Medical from $70.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Canaccord Genuity Group increased their price target on Globus Medical from $105.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Barclays lifted their price objective on Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Finally, Piper Sandler reissued an “overweight” rating and issued a $115.00 price objective (up from $90.00) on shares of Globus Medical in a report on Thursday, January 8th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $104.36.

Insider Activity

In related news, Director Leslie V. Norwalk sold 2,000 shares of Globus Medical stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $202,200.00. Following the sale, the director owned 10,419 shares of the company’s stock, valued at approximately $1,053,360.90. This trade represents a 16.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kelly Huller sold 20,000 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $94.50, for a total transaction of $1,890,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold 35,594 shares of company stock worth $3,332,253 over the last three months. 18.51% of the stock is currently owned by corporate insiders.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.