Champlain Investment Partners LLC Trims Position in Globus Medical, Inc. (NYSE:GMED)

Champlain Investment Partners LLC lowered its holdings in Globus Medical, Inc. (NYSE:GMED) by 27.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,794,637 shares of the medical device company’s stock after selling 671,821 shares during the period. Champlain Investment Partners LLC owned 1.33% of Globus Medical worth $128,388,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Select Equity Group L.P. purchased a new stake in Globus Medical in the 2nd quarter valued at about $91,711,000. Millennium Management LLC boosted its position in shares of Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock worth $93,409,000 after acquiring an additional 1,256,570 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in Globus Medical in the third quarter valued at approximately $30,656,000. Massachusetts Financial Services Co. MA acquired a new position in Globus Medical during the third quarter worth approximately $26,406,000. Finally, Victory Capital Management Inc. raised its stake in Globus Medical by 855.3% during the second quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock worth $26,112,000 after purchasing an additional 341,342 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Trading Down 0.2 %

NYSE GMED opened at $84.72 on Friday. The company’s fifty day simple moving average is $74.76 and its 200-day simple moving average is $70.69. The stock has a market cap of $11.54 billion, a P/E ratio of 126.45, a PEG ratio of 2.03 and a beta of 1.17. Globus Medical, Inc. has a 52 week low of $44.02 and a 52 week high of $85.30.

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

Wall Street Analyst Weigh In

GMED has been the subject of several research reports. Bank of America boosted their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Truist Financial increased their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus raised their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $88.18.

Insider Activity

In other news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical 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 transaction, 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 three months, insiders sold 110,000 shares of company stock worth $8,512,850. 18.54% of the stock is currently owned by insiders.

Globus Medical Company Profile

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.