Washington Trust Advisors Inc. Sells 2,180 Shares of Globus Medical, Inc. (NYSE:GMED)

Washington Trust Advisors Inc. lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 5.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 36,625 shares of the medical device company’s stock after selling 2,180 shares during the period. Washington Trust Advisors Inc.’s holdings in Globus Medical were worth $2,620,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in GMED. Stephens Inc. AR grew its stake in shares of Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after buying an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake 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 valued at $403,000 after buying an additional 140 shares during the last quarter. Nisa Investment Advisors LLC grew 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 during the period. Van ECK Associates Corp boosted its holdings in Globus Medical by 0.4% in the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after buying an additional 183 shares during the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in Globus Medical by 6.2% in the 3rd 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 in the last quarter. Institutional investors own 95.16% of the company’s stock.

Insider Transactions at Globus Medical

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the business’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 at this link. Also, Director David D. Davidar sold 30,000 shares of the business’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 sale, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock valued at $8,512,850 in the last ninety days. Corporate insiders own 18.54% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GMED. Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Stifel Nicolaus upped their price target on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler upped 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. Wells Fargo & Company upped their price target on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Roth Mkm restated a “buy” rating and set a $100.00 price target on shares of Globus Medical in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Price Performance

NYSE:GMED opened at $80.86 on Friday. The business’s fifty day moving average price is $72.28 and its 200 day moving average price is $68.46. The firm has a market capitalization of $10.95 billion, a PE ratio of 120.69, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17. Globus Medical, Inc. has a 12 month low of $43.38 and a 12 month high of $84.87.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.57 earnings per share. As a group, equities analysts anticipate that Globus Medical, Inc. will post 2.97 EPS for the current year.

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.