Globus Medical, Inc. (NYSE:GMED) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio cut its position in shares of Globus Medical, Inc. (NYSE:GMED) by 4.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 41,436 shares of the medical device company’s stock after selling 2,154 shares during the period. Public Employees Retirement System of Ohio’s holdings in Globus Medical were worth $2,964,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in Globus Medical by 2.3% in the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after purchasing an additional 81,371 shares during the period. Burgundy Asset Management Ltd. lifted its position in shares of Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after buying an additional 35,054 shares in the last quarter. Magnetar Financial LLC grew its stake in Globus Medical by 1.7% in the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after acquiring an additional 29,200 shares during the period. Geneva Capital Management LLC grew its stake in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after acquiring an additional 18,117 shares during the period. Finally, AXA S.A. increased its holdings in Globus Medical by 0.5% in the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after acquiring an additional 7,443 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE GMED opened at $81.70 on Tuesday. The company has a market capitalization of $11.12 billion, a P/E ratio of 121.94, a P/E/G ratio of 1.99 and a beta of 1.19. The company has a 50 day simple moving average of $79.05 and a 200-day simple moving average of $72.99. Globus Medical, Inc. has a 1 year low of $49.14 and a 1 year high of $87.22.

Globus Medical (NYSE:GMED) last posted its earnings results 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 company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter last year, the firm earned $0.57 earnings per share. The firm’s quarterly revenue was up 63.1% compared to the same quarter last year. As a group, research analysts expect that Globus Medical, Inc. will post 2.97 EPS for the current year.

Insider Activity at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of Globus Medical 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’s 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 owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 97,500 shares of company stock worth $7,674,950. Company insiders own 18.54% of the company’s stock.

Analyst Ratings Changes

GMED has been the topic of a number of research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Piper Sandler lifted their price target on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Roth Mkm reaffirmed a “buy” rating and set a $100.00 target price on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group increased their target price on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and an average target price of $92.18.

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.