Retirement Systems of Alabama reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED – Free Report) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,240 shares of the medical device company’s stock after selling 1,769 shares during the quarter. Retirement Systems of Alabama’s holdings in Globus Medical were worth $9,818,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. State Street Corp increased its position in shares of Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after buying an additional 81,371 shares in the last quarter. Burgundy Asset Management Ltd. grew its stake in Globus Medical by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after acquiring an additional 35,054 shares during the period. Geode Capital Management LLC increased its holdings in shares of Globus Medical by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after acquiring an additional 21,935 shares in the last quarter. Magnetar Financial LLC raised its position in shares of Globus Medical by 1.7% during the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after purchasing an additional 29,200 shares during the period. Finally, Geneva Capital Management LLC raised its position in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after purchasing an additional 18,117 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. In the last three months, insiders sold 97,500 shares of company stock worth $7,674,950. 18.54% of the stock is currently owned by company insiders.
Globus Medical Stock Performance
Globus Medical (NYSE:GMED – Get Free Report) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the prior year, the business posted $0.57 EPS. The business’s revenue was up 63.1% compared to the same quarter last year. Equities research analysts predict that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on GMED shares. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Canaccord Genuity Group increased their target price on Globus Medical from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Piper Sandler boosted their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $92.18.
View Our Latest Stock Report on GMED
About Globus Medical
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.
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