Bellevue Group AG Cuts Position in Globus Medical, Inc. (NYSE:GMED)

Bellevue Group AG lessened its stake in Globus Medical, Inc. (NYSE:GMED) by 4.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 579,898 shares of the medical device company’s stock after selling 27,874 shares during the quarter. Bellevue Group AG owned 0.43% of Globus Medical worth $31,106,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in GMED. Pacer Advisors Inc. increased its holdings in shares of Globus Medical by 76.0% in the 4th quarter. Pacer Advisors Inc. now owns 17,339 shares of the medical device company’s stock valued at $924,000 after purchasing an additional 7,486 shares in the last quarter. Washington Capital Management Inc. purchased a new position in Globus Medical during the 4th quarter valued at about $554,000. Oak Thistle LLC increased its holdings in Globus Medical by 81.4% during the 4th quarter. Oak Thistle LLC now owns 16,037 shares of the medical device company’s stock valued at $855,000 after acquiring an additional 7,196 shares in the last quarter. Compass Ion Advisors LLC increased its holdings in Globus Medical by 13.6% during the 4th quarter. Compass Ion Advisors LLC now owns 38,655 shares of the medical device company’s stock valued at $2,060,000 after acquiring an additional 4,630 shares in the last quarter. Finally, Boston Trust Walden Corp increased its holdings in Globus Medical by 0.3% during the 4th quarter. Boston Trust Walden Corp now owns 750,021 shares of the medical device company’s stock valued at $39,969,000 after acquiring an additional 2,173 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Barclays raised their target price on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. Truist Financial raised their target price on shares of Globus Medical from $63.00 to $78.00 and gave the company a “hold” rating in a report on Tuesday, July 16th. Stifel Nicolaus raised their target price on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, Morgan Stanley raised their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $73.30.

Globus Medical Price Performance

GMED stock traded up $0.14 during midday trading on Friday, reaching $71.89. 786,116 shares of the company’s stock traded hands, compared to its average volume of 802,537. The company has a market capitalization of $9.73 billion, a P/E ratio of 112.33, a PEG ratio of 2.00 and a beta of 1.15. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $74.16. The business has a 50-day moving average price of $68.22 and a two-hundred day moving average price of $59.03.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The firm had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. Globus Medical’s revenue was up 119.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 earnings per share. As a group, research analysts forecast that Globus Medical, Inc. will post 2.82 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction on Friday, May 10th. The shares were sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The disclosure for this sale can be found here. Insiders have sold 84,300 shares of company stock worth $5,459,813 over the last 90 days. Company insiders own 18.54% of the company’s stock.

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.