Exchange Traded Concepts LLC Cuts Holdings in Globus Medical, Inc. $GMED

Exchange Traded Concepts LLC lowered its position in Globus Medical, Inc. (NYSE:GMED) by 13.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 202,419 shares of the medical device company’s stock after selling 31,803 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Globus Medical were worth $17,673,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in GMED. AQR Capital Management LLC increased its stake in Globus Medical by 45.9% during the first quarter. AQR Capital Management LLC now owns 22,510 shares of the medical device company’s stock worth $1,622,000 after acquiring an additional 7,086 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Globus Medical by 33.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,375 shares of the medical device company’s stock worth $320,000 after purchasing an additional 1,085 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Globus Medical by 38.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,649 shares of the medical device company’s stock valued at $2,228,000 after purchasing an additional 8,540 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Globus Medical by 237.3% in the 1st quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company’s stock valued at $62,000 after purchasing an additional 598 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Globus Medical by 8.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,527 shares of the medical device company’s stock worth $25,439,000 after purchasing an additional 28,027 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

GMED has been the subject of a number of research analyst reports. Barclays increased their target price on shares of Globus Medical from $118.00 to $123.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Morgan Stanley boosted their price objective on shares of Globus Medical from $70.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. Royal Bank Of Canada increased their price objective on shares of Globus Medical from $92.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Needham & Company LLC raised their target price on shares of Globus Medical from $112.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Finally, Zacks Research upgraded shares of Globus Medical from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $104.36.

Insider Activity at Globus Medical

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 transaction of $202,200.00. Following the sale, the director owned 10,419 shares of the company’s stock, valued at $1,053,360.90. The trade was a 16.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 SEC filing for this sale provides additional information. In the last three months, insiders sold 35,594 shares of company stock valued at $3,332,253. Corporate insiders own 18.51% of the company’s stock.

Globus Medical Stock Performance

Globus Medical stock opened at $83.80 on Friday. The firm has a market capitalization of $11.33 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 1.96 and a beta of 1.05. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $101.40. The stock’s 50 day moving average price is $89.48 and its 200 day moving average price is $80.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.22. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The company had revenue of $826.42 million during the quarter, compared to the consensus estimate of $803.29 million. During the same quarter last year, the company earned $0.84 earnings per share. Globus Medical’s revenue for the quarter was up 25.7% on a year-over-year basis. On average, analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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.