Sterling Investment Advisors Ltd. Reduces Stock Position in Globus Medical, Inc. (NYSE:GMED)

Sterling Investment Advisors Ltd. cut its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 12.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 156,223 shares of the medical device company’s stock after selling 23,000 shares during the period. Globus Medical makes up about 3.2% of Sterling Investment Advisors Ltd.’s holdings, making the stock its 4th biggest position. Sterling Investment Advisors Ltd. owned 0.11% of Globus Medical worth $12,921,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. State Street Corp raised its position in shares of Globus Medical by 2.3% during the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after purchasing an additional 81,371 shares during the period. Geode Capital Management LLC raised its position in shares of Globus Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after purchasing an additional 21,935 shares during the period. Geneva Capital Management LLC grew its holdings in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after buying an additional 18,117 shares in the last quarter. Parsifal Capital Management LP grew its holdings in shares of Globus Medical by 50.5% during the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after buying an additional 453,053 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Globus Medical by 29.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock valued at $88,610,000 after buying an additional 285,172 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Stock Performance

GMED opened at $80.00 on Tuesday. The company has a market cap of $10.89 billion, a PE ratio of 106.67, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. The stock has a 50-day moving average of $86.68 and a 200-day moving average of $79.20. Globus Medical, Inc. has a 52-week low of $49.33 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. The company had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. On average, research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GMED. BTIG Research lifted their price target on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Canaccord Genuity Group lifted their price target on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus lifted their price target on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday. Barclays lifted their price target on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday. Finally, Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.82.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.