Globus Medical Inc (GMED) Holdings Increased by Russell Investments Group Ltd.

Russell Investments Group Ltd. raised its holdings in Globus Medical Inc (NYSE:GMED) by 44.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 82,655 shares of the medical device company’s stock after acquiring an additional 25,607 shares during the quarter. Russell Investments Group Ltd.’s holdings in Globus Medical were worth $4,169,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in shares of Globus Medical by 2.7% in the 1st quarter. BlackRock Inc. now owns 8,011,045 shares of the medical device company’s stock valued at $399,110,000 after acquiring an additional 211,428 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Globus Medical by 19.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,335,595 shares of the medical device company’s stock valued at $67,394,000 after acquiring an additional 221,613 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Globus Medical by 23.0% in the 1st quarter. Point72 Asset Management L.P. now owns 556,998 shares of the medical device company’s stock valued at $27,750,000 after acquiring an additional 104,195 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Globus Medical by 140.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 486,900 shares of the medical device company’s stock valued at $24,569,000 after acquiring an additional 284,600 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Globus Medical by 8.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 421,775 shares of the medical device company’s stock valued at $21,013,000 after acquiring an additional 31,253 shares in the last quarter. 63.90% of the stock is currently owned by hedge funds and other institutional investors.

GMED has been the topic of several recent analyst reports. Zacks Investment Research raised Globus Medical from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Friday, August 3rd. Oppenheimer set a $57.00 price target on Globus Medical and gave the company a “hold” rating in a report on Thursday, August 2nd. Morgan Stanley raised their price target on Globus Medical from $58.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 2nd. Bank of America cut Globus Medical from a “neutral” rating to an “underperform” rating and set a $55.00 price target on the stock. in a report on Wednesday, June 27th. They noted that the move was a valuation call. Finally, Leerink Swann raised their price target on Globus Medical from $60.00 to $61.00 and gave the company an “outperform” rating in a report on Wednesday, May 30th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $54.36.

Shares of NYSE GMED opened at $53.25 on Monday. The stock has a market cap of $5.20 billion, a P/E ratio of 40.65, a PEG ratio of 2.71 and a beta of 0.61. Globus Medical Inc has a 1-year low of $28.36 and a 1-year high of $57.55.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, August 1st. The medical device company reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.09. The company had revenue of $173.40 million for the quarter, compared to analysts’ expectations of $168.03 million. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. Globus Medical’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. research analysts anticipate that Globus Medical Inc will post 1.55 earnings per share for the current year.

In related news, VP Eric Schwartz sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 25th. The stock was sold at an average price of $53.79, for a total transaction of $537,900.00. Following the transaction, the vice president now directly owns 10,000 shares of the company’s stock, valued at approximately $537,900. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David C. Paul sold 6,841 shares of the firm’s stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $52.95, for a total value of $362,230.95. Following the transaction, the insider now directly owns 605,871 shares in the company, valued at $32,080,869.45. The disclosure for this sale can be found here. Company insiders own 28.44% of the company’s stock.

Globus Medical Company Profile

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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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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