Globus Medical, Inc. (NYSE:GMED) Stock Holdings Lessened by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its holdings in Globus Medical, Inc. (NYSE:GMED) by 6.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 8,357 shares of the medical device company’s stock after selling 541 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Globus Medical were worth $691,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in Globus Medical in the 4th quarter valued at about $58,405,000. ArrowMark Colorado Holdings LLC bought a new stake in Globus Medical in the 3rd quarter valued at about $43,947,000. Lord Abbett & CO. LLC bought a new stake in Globus Medical in the 3rd quarter valued at about $37,948,000. Parsifal Capital Management LP lifted its position in Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after purchasing an additional 453,053 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new stake in Globus Medical in the 3rd quarter valued at about $26,406,000. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Price Performance

Shares of GMED opened at $71.63 on Wednesday. The firm’s 50 day moving average is $84.39 and its 200-day moving average is $79.79. The stock has a market capitalization of $9.85 billion, a P/E ratio of 95.50, a P/E/G ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a 12-month low of $49.33 and a 12-month high of $94.93.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. The business had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. As a group, equities research analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on GMED. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Tuesday. Wells Fargo & Company lowered their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Barclays raised their target price on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Truist Financial lowered their target price on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Tuesday. Finally, Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $97.09.

Insider Transactions at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 18.54% of the stock is currently owned by insiders.

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.