Insider Selling: Globus Medical, Inc. (NYSE:GMED) CEO Sells 60,000 Shares of Stock

Globus Medical, Inc. (NYSE:GMED) CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Globus Medical Stock Down 1.4 %

GMED stock opened at $80.86 on Friday. The firm has a 50 day moving average of $72.28 and a two-hundred day moving average of $68.46. Globus Medical, Inc. has a 12 month low of $43.38 and a 12 month high of $84.87. The company has a market capitalization of $10.95 billion, a price-to-earnings ratio of 120.69, a P/E/G ratio of 2.19 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly 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 the consensus estimate of $604.69 million. During the same quarter in the prior year, the company posted $0.57 EPS. The firm’s revenue was up 63.1% on a year-over-year basis. On average, research analysts expect that Globus Medical, Inc. will post 2.97 EPS for the current fiscal year.

Analyst Ratings Changes

GMED has been the topic of several research analyst reports. Stifel Nicolaus lifted their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler boosted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday. Roth Mkm restated a “buy” rating and set a $100.00 price objective on shares of Globus Medical in a research report on Wednesday. Truist Financial boosted their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Canaccord Genuity Group raised their target price on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Hedge Funds Weigh In On Globus Medical

Several large investors have recently made changes to their positions in the business. Stephens Inc. AR grew its position in Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after buying an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Globus Medical by 2.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after acquiring an additional 140 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares in the last quarter. Van ECK Associates Corp raised its position in Globus Medical by 0.4% in the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after purchasing an additional 183 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in Globus Medical by 6.2% during the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after purchasing an additional 220 shares during the period. Institutional investors and hedge funds own 95.16% 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.