California Public Employees Retirement System raised its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 15.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,000 shares of the medical device company’s stock after buying an additional 10,200 shares during the period. California Public Employees Retirement System owned approximately 0.08% of Globus Medical worth $2,281,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in the stock. Virginia Retirement Systems ET AL boosted its position in Globus Medical by 110.1% in the first quarter. Virginia Retirement Systems ET AL now owns 81,300 shares of the medical device company’s stock valued at $2,408,000 after buying an additional 42,600 shares during the period. FMR LLC acquired a new position in Globus Medical during the fourth quarter valued at approximately $11,909,000. Municipal Employees Retirement System of Michigan boosted its position in Globus Medical by 1.7% in the first quarter. Municipal Employees Retirement System of Michigan now owns 33,330 shares of the medical device company’s stock valued at $987,000 after buying an additional 560 shares during the period. Legato Capital Management LLC boosted its position in Globus Medical by 2,862.0% in the first quarter. Legato Capital Management LLC now owns 55,774 shares of the medical device company’s stock valued at $1,883,000 after buying an additional 53,891 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in Globus Medical by 30.3% in the first quarter. UBS Asset Management Americas Inc. now owns 201,635 shares of the medical device company’s stock valued at $5,972,000 after buying an additional 46,857 shares during the period. Institutional investors own 69.45% of the company’s stock.
Globus Medical, Inc. (NYSE GMED) traded down 0.91% during midday trading on Tuesday, hitting $29.44. The company had a trading volume of 514,912 shares. The company’s 50 day moving average is $32.35 and its 200-day moving average is $30.04. The company has a market cap of $2.83 billion, a P/E ratio of 26.52 and a beta of 0.60. Globus Medical, Inc. has a one year low of $19.25 and a one year high of $34.03.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.02. The business had revenue of $152.39 million for the quarter, compared to analyst estimates of $150.94 million. Globus Medical had a return on equity of 13.99% and a net margin of 18.12%. Globus Medical’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 EPS. On average, equities analysts predict that Globus Medical, Inc. will post $1.27 EPS for the current year.
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Several equities analysts have recently commented on GMED shares. Barclays PLC reiterated a “sell” rating and set a $30.00 target price on shares of Globus Medical in a research note on Friday, May 5th. Zacks Investment Research upgraded Globus Medical from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. set a $32.00 target price on Globus Medical and gave the company a “hold” rating in a research note on Thursday, May 4th. BidaskClub cut Globus Medical from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Finally, Canaccord Genuity upgraded Globus Medical from a “hold” rating to a “buy” rating and increased their target price for the company from $30.00 to $37.00 in a research note on Thursday, May 4th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $30.43.
In related news, President Anthony L. Williams sold 16,153 shares of the business’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $31.94, for a total value of $515,926.82. Following the sale, the president now owns 16,153 shares of the company’s stock, valued at approximately $515,926.82. The sale was disclosed in a legal filing with the SEC, which is available through this link. 28.21% of the stock is owned by insiders.
Globus Medical Company Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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