GSA Capital Partners LLP trimmed its stake in Globus Medical Inc (NYSE:GMED) by 53.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,083 shares of the medical device company’s stock after selling 15,166 shares during the quarter. GSA Capital Partners LLP’s holdings in Globus Medical were worth $660,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC bought a new position in Globus Medical in the first quarter valued at approximately $106,000. C M Bidwell & Associates Ltd. bought a new position in shares of Globus Medical during the 1st quarter worth approximately $126,000. Smithfield Trust Co. boosted its stake in shares of Globus Medical by 3,711.1% during the 1st quarter. Smithfield Trust Co. now owns 3,430 shares of the medical device company’s stock worth $171,000 after acquiring an additional 3,340 shares during the period. Clarus Wealth Advisors bought a new position in shares of Globus Medical during the 2nd quarter worth approximately $194,000. Finally, Sciencast Management LP bought a new position in shares of Globus Medical during the 1st quarter worth approximately $202,000. Hedge funds and other institutional investors own 63.87% of the company’s stock.
In related news, insider David C. Paul sold 6,841 shares of the business’s stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $52.95, for a total transaction of $362,230.95. Following the sale, the insider now owns 605,871 shares in the company, valued at approximately $32,080,869.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 2,767,362 shares of company stock worth $149,971,303 in the last 90 days. 28.44% of the stock is currently owned by corporate insiders.
Shares of Globus Medical stock traded up $0.08 during trading on Friday, reaching $51.35. 774,772 shares of the company’s stock were exchanged, compared to its average volume of 645,471. Globus Medical Inc has a 1-year low of $28.36 and a 1-year high of $57.55. The stock has a market capitalization of $5.58 billion, a P/E ratio of 39.20, a price-to-earnings-growth ratio of 2.91 and a beta of 0.63.
Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Wednesday, August 1st. The medical device company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. The business had revenue of $173.40 million for the quarter, compared to analyst estimates of $168.03 million. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. Globus Medical’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. As a group, research analysts anticipate that Globus Medical Inc will post 1.55 earnings per share for the current year.
Several research analysts have recently commented on GMED shares. Zacks Investment Research upgraded Globus Medical from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Friday, August 3rd. Morgan Stanley boosted their price target on Globus Medical from $60.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, September 25th. Needham & Company LLC boosted their price target on Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Oppenheimer set a $57.00 price target on Globus Medical and gave the company a “hold” rating in a research note on Thursday, August 2nd. Finally, Bank of America downgraded Globus Medical from a “neutral” rating to an “underperform” rating and set a $55.00 price target for the company. in a research note on Wednesday, June 27th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Globus Medical has an average rating of “Buy” and an average price target of $54.73.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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