Greenwood Capital Associates LLC Cuts Stock Position in Globus Medical, Inc. (NYSE:GMED)

Greenwood Capital Associates LLC cut its holdings in Globus Medical, Inc. (NYSE:GMED) by 2.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,947 shares of the medical device company’s stock after selling 286 shares during the quarter. Greenwood Capital Associates LLC’s holdings in Globus Medical were worth $855,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GMED. V Square Quantitative Management LLC bought a new position in Globus Medical in the 3rd quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new position in Globus Medical in the 2nd quarter valued at approximately $33,000. Farther Finance Advisors LLC lifted its position in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares in the last quarter. GAMMA Investing LLC lifted its position in Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Globus Medical during the 2nd quarter valued at $52,000. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

Shares of GMED stock opened at $75.59 on Wednesday. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $76.13. The firm has a market capitalization of $10.24 billion, a PE ratio of 251.97, a PEG ratio of 2.07 and a beta of 1.17. The stock has a fifty day simple moving average of $71.69 and a two-hundred day simple moving average of $68.06.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The firm 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 business’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 earnings per share. On average, sell-side analysts forecast that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GMED has been the topic of several research analyst reports. Morgan Stanley increased their price target on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. BTIG Research increased their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Royal Bank of Canada raised their target price on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Truist Financial raised their target price on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Barclays raised their target price on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.78.

Insider Activity

In other news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The shares were 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 approximately $3,017,318.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 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.