Globus Medical, Inc. (NYSE:GMED) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 1.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,337 shares of the medical device company’s stock after selling 1,400 shares during the period. New York State Common Retirement Fund’s holdings in Globus Medical were worth $6,479,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Oak Thistle LLC bought a new position in shares of Globus Medical during the fourth quarter worth about $376,000. bLong Financial LLC acquired a new stake in Globus Medical during the fourth quarter valued at approximately $397,000. Kathmere Capital Management LLC acquired a new stake in Globus Medical during the fourth quarter valued at approximately $23,091,000. Quest Partners LLC bought a new position in Globus Medical during the 3rd quarter worth approximately $523,000. Finally, Intech Investment Management LLC grew its position in shares of Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after acquiring an additional 15,283 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Up 0.6 %

GMED opened at $80.04 on Thursday. The business’s 50 day moving average is $86.57 and its 200-day moving average is $79.25. The stock has a market cap of $10.90 billion, a PE ratio of 106.72, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a twelve month low of $49.33 and a twelve month high of $94.93.

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

Insider Activity at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction on Friday, January 10th. The stock was 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 is accessible through this link. Also, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GMED. Roth Mkm upped their price target on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Wells Fargo & Company dropped their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Barclays lifted their price target on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Finally, Royal Bank of Canada lifted their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $97.82.

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.