Ionic Capital Management LLC Has $1.81 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Ionic Capital Management LLC lessened its stake in Globus Medical, Inc. (NYSE:GMED) by 30.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 25,296 shares of the medical device company’s stock after selling 11,074 shares during the quarter. Ionic Capital Management LLC’s holdings in Globus Medical were worth $1,810,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Swedbank AB boosted its holdings in shares of Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after buying an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Globus Medical by 17.9% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after purchasing an additional 172,605 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Globus Medical during the second quarter worth about $611,000. Quest Partners LLC purchased a new position in Globus Medical in the 3rd quarter worth about $523,000. Finally, Intech Investment Management LLC lifted its position in Globus Medical by 291.3% during the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after purchasing an additional 15,283 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $83.90 on Tuesday. Globus Medical, Inc. has a 1 year low of $44.02 and a 1 year high of $87.22. The firm has a market capitalization of $11.42 billion, a PE ratio of 125.22, a P/E/G ratio of 2.04 and a beta of 1.19. The business’s 50 day moving average price is $76.52 and its 200-day moving average price is $71.77.

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

Insider Transactions at Globus Medical

In related news, 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 completion of the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,512,850 over the last three months. Company insiders own 18.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GMED. Wells Fargo & Company upped their price objective on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Roth Mkm restated a “buy” rating and set a $100.00 target price on shares of Globus Medical in a research note on Wednesday, November 6th. Bank of America raised their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, November 6th. Truist Financial upped their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $89.73.

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.