Thrivent Financial for Lutherans Sells 29,106 Shares of Globus Medical, Inc. (NYSE:GMED)

Thrivent Financial for Lutherans reduced its stake in Globus Medical, Inc. (NYSE:GMED) by 4.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 583,057 shares of the medical device company’s stock after selling 29,106 shares during the period. Thrivent Financial for Lutherans’ holdings in Globus Medical were worth $41,712,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in Globus Medical in the third quarter worth $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in Globus Medical in the second quarter worth about $33,000. Farther Finance Advisors LLC increased its stake in shares of Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Globus Medical in the 2nd quarter worth approximately $52,000. 95.16% of the stock is owned by institutional investors.

Globus Medical Trading Up 0.9 %

NYSE:GMED opened at $81.80 on Tuesday. Globus Medical, Inc. has a 12-month low of $44.02 and a 12-month high of $84.87. The stock has a 50-day moving average price of $73.60 and a 200 day moving average price of $70.04. The stock has a market capitalization of $11.08 billion, a P/E ratio of 122.09, a P/E/G ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 EPS. On average, research analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on GMED shares. Bank of America boosted their target price on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Morgan Stanley raised their price objective on shares of Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Barclays raised their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Wells Fargo & Company lifted their price target on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $88.18.

Insider Buying and Selling at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares in the company, valued at $40,242,076. The trade was a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock worth $8,512,850 over the last quarter. Insiders own 18.54% of the company’s stock.

Globus Medical 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.