Russell Investments Group Ltd. lessened its stake in shares of Globus Medical Inc (NYSE:GMED) by 3.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,840 shares of the medical device company’s stock after selling 2,815 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Globus Medical worth $4,530,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of GMED. NumerixS Investment Technologies Inc bought a new position in shares of Globus Medical during the 2nd quarter worth approximately $125,000. Moneta Group Investment Advisors LLC raised its position in Globus Medical by 100.9% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 4,280 shares of the medical device company’s stock valued at $216,000 after purchasing an additional 2,150 shares during the last quarter. Nuance Investments LLC bought a new position in Globus Medical in the 2nd quarter valued at $236,000. OppenheimerFunds Inc. raised its position in Globus Medical by 28.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 5,173 shares of the medical device company’s stock valued at $261,000 after purchasing an additional 1,143 shares during the last quarter. Finally, Lido Advisors LLC bought a new position in Globus Medical in the 2nd quarter valued at $282,000. Institutional investors and hedge funds own 64.19% of the company’s stock.
Several equities analysts have issued reports on GMED shares. Morgan Stanley lifted their price objective on Globus Medical from $60.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday, September 25th. Zacks Investment Research downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Tuesday, July 31st. Oppenheimer set a $61.00 price objective on Globus Medical and gave the company a “hold” rating in a research report on Friday, November 9th. Piper Jaffray Companies lifted their price objective on Globus Medical to $62.00 and gave the company an “overweight” rating in a research report on Friday, November 9th. Finally, Leerink Swann lifted their price objective on Globus Medical from $61.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, November 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Globus Medical has an average rating of “Buy” and a consensus target price of $56.00.
In other news, Chairman David C. Paul sold 707,191 shares of the business’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $54.01, for a total transaction of $38,195,385.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 28.44% of the company’s stock.
GMED stock opened at $51.47 on Monday. The firm has a market cap of $5.07 billion, a PE ratio of 39.29, a PEG ratio of 2.47 and a beta of 0.65. Globus Medical Inc has a twelve month low of $36.62 and a twelve month high of $57.83.
Globus Medical (NYSE:GMED) last released its earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.06. The company had revenue of $169.20 million during the quarter, compared to the consensus estimate of $167.47 million. Globus Medical had a return on equity of 15.36% and a net margin of 20.79%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 earnings per share. On average, research analysts forecast that Globus Medical Inc will post 1.62 EPS for the current year.
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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