Globus Medical, Inc. (NYSE:GMED) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in Globus Medical, Inc. (NYSE:GMED) by 2.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,065,744 shares of the medical device company’s stock after selling 21,440 shares during the period. The Manufacturers Life Insurance Company owned 0.79% of Globus Medical worth $76,243,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in Globus Medical during the third quarter valued at about $27,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Globus Medical during the 2nd quarter valued at about $33,000. Farther Finance Advisors LLC grew its stake in shares of Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after purchasing an additional 385 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Globus Medical during the second quarter valued at approximately $52,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

GMED stock opened at $85.29 on Thursday. The firm has a 50 day simple moving average of $75.67 and a 200 day simple moving average of $71.27. Globus Medical, Inc. has a 52 week low of $44.02 and a 52 week high of $85.74. The stock has a market cap of $11.61 billion, a P/E ratio of 127.30, a P/E/G ratio of 2.02 and a beta of 1.17.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter last year, the business posted $0.57 EPS. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. Sell-side analysts predict that Globus Medical, Inc. will post 2.98 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the company’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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $8,512,850 in the last three months. Insiders own 18.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Stifel Nicolaus lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Truist Financial boosted their target price on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Morgan Stanley upped their target price on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. BTIG Research lifted their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $88.18.

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.