Globus Medical, Inc. (NYSE:GMED) Director Sells $1,055,400.00 in Stock

Globus Medical, Inc. (NYSE:GMED) Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Globus Medical Stock Down 0.9 %

Shares of GMED opened at $69.33 on Wednesday. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $74.21. The company has a market capitalization of $9.39 billion, a P/E ratio of 108.33, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. The firm has a 50 day moving average of $70.89 and a 200 day moving average of $63.27.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 EPS. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GMED. Morgan Stanley increased their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Royal Bank of Canada increased their price objective on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. BTIG Research increased their price target on shares of Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Finally, Barclays lifted 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. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.20.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Globus Medical by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after acquiring an additional 32,220 shares during the period. Bank of New York Mellon Corp grew its position in Globus Medical by 3.8% in the 1st quarter. Bank of New York Mellon Corp now owns 3,016,702 shares of the medical device company’s stock worth $161,816,000 after purchasing an additional 110,912 shares during the period. Wellington Management Group LLP raised its stake in Globus Medical by 9.5% during the 4th quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock valued at $155,205,000 after buying an additional 252,510 shares during the last quarter. Burgundy Asset Management Ltd. lifted its holdings 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 during the period. Finally, Champlain Investment Partners LLC boosted its stake in shares of Globus Medical by 25.2% in the 1st quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock worth $134,335,000 after buying an additional 503,745 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.