Oregon Public Employees Retirement Fund grew its stake in shares of Globus Medical Inc (NYSE:GMED) by 4.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,161 shares of the medical device company’s stock after purchasing an additional 1,071 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Globus Medical were worth $1,421,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of GMED. Moneta Group Investment Advisors LLC acquired a new position in shares of Globus Medical in the first quarter worth about $106,000. NumerixS Investment Technologies Inc acquired a new position in shares of Globus Medical in the second quarter worth about $125,000. C M Bidwell & Associates Ltd. acquired a new position in shares of Globus Medical in the first quarter worth about $126,000. Smithfield Trust Co. lifted its stake in shares of Globus Medical by 3,711.1% in the first 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 in the last quarter. Finally, Clarus Wealth Advisors acquired a new position in shares of Globus Medical in the second quarter worth about $194,000. Institutional investors own 63.90% of the company’s stock.
In related news, insider David C. Paul sold 6,841 shares of the stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $52.95, for a total value of $362,230.95. Following the completion of the transaction, the insider now directly owns 605,871 shares of the company’s stock, valued at approximately $32,080,869.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Eric Schwartz sold 10,000 shares of the stock in a transaction that occurred on Monday, June 25th. The stock was sold at an average price of $53.79, for a total value of $537,900.00. Following the completion of the transaction, the vice president now directly owns 10,000 shares of the company’s stock, valued at $537,900. The disclosure for this sale can be found here. 28.44% of the stock is currently owned by corporate insiders.
Several brokerages recently weighed in on GMED. Bank of America lowered Globus Medical from a “neutral” rating to an “underperform” rating and set a $55.00 price objective for the company. in a report on Wednesday, June 27th. They noted that the move was a valuation call. Oppenheimer set a $57.00 price objective on Globus Medical and gave the company a “hold” rating in a report on Thursday, August 2nd. Zacks Investment Research lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Needham & Company LLC boosted their price objective on Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. Finally, Morgan Stanley boosted their price objective on Globus Medical from $58.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Globus Medical has a consensus rating of “Buy” and an average target price of $54.36.
NYSE:GMED opened at $53.25 on Monday. The company has a market cap of $5.20 billion, a PE ratio of 40.65, a P/E/G ratio of 2.71 and a beta of 0.61. Globus Medical Inc has a 52 week low of $28.36 and a 52 week high of $57.55.
Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, August 1st. The medical device company reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.09. The company had revenue of $173.40 million during 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%. The business’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 earnings per share. sell-side analysts predict that Globus Medical Inc will post 1.55 EPS for the current fiscal year.
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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