Globus Medical, Inc. (NYSE:GMED) Stock Holdings Lowered by NFJ Investment Group LLC

NFJ Investment Group LLC trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 15.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 223,847 shares of the medical device company’s stock after selling 40,357 shares during the quarter. NFJ Investment Group LLC’s holdings in Globus Medical were worth $16,014,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GMED. V Square Quantitative Management LLC bought a new stake in shares of Globus Medical during the 3rd quarter worth $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Globus Medical in the 2nd quarter valued at $33,000. Farther Finance Advisors LLC increased its stake in 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 in the last quarter. GAMMA Investing LLC increased its stake in 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 2nd quarter worth about $52,000. Institutional investors own 95.16% of the company’s stock.

Insider Transactions at Globus Medical

In related news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,000 shares of company stock worth $8,512,850. 18.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GMED shares. Stifel Nicolaus lifted their target price 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. BTIG Research increased their target price on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Roth Mkm reiterated a “buy” rating and set a $100.00 price target on shares of Globus Medical in a report on Wednesday, November 6th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $83.00 to $100.00 in a research report on Monday. Finally, Canaccord Genuity Group lifted their target price on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.73.

Globus Medical Price Performance

NYSE:GMED traded up $0.09 during mid-day trading on Tuesday, reaching $83.99. The stock had a trading volume of 134,862 shares, compared to its average volume of 999,970. The stock has a market cap of $11.44 billion, a P/E ratio of 125.22, a PEG ratio of 2.04 and a beta of 1.19. The business’s 50 day moving average is $76.52 and its 200 day moving average is $71.77. Globus Medical, Inc. has a fifty-two week low of $44.02 and a fifty-two week high of $87.22.

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