Geode Capital Management LLC Lowers Stock Holdings in Globus Medical, Inc. $GMED

Geode Capital Management LLC cut its position in Globus Medical, Inc. (NYSE:GMED) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,993,330 shares of the medical device company’s stock after selling 38,903 shares during the quarter. Geode Capital Management LLC owned 1.47% of Globus Medical worth $117,666,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. grew its position in Globus Medical by 331.9% in the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock valued at $147,949,000 after acquiring an additional 1,553,154 shares in the last quarter. Nuveen LLC purchased a new position in shares of Globus Medical in the first quarter valued at approximately $54,669,000. Global Alpha Capital Management Ltd. boosted its stake in shares of Globus Medical by 49.1% in the second quarter. Global Alpha Capital Management Ltd. now owns 1,055,091 shares of the medical device company’s stock valued at $62,271,000 after purchasing an additional 347,400 shares during the period. Driehaus Capital Management LLC grew its holdings in shares of Globus Medical by 60.1% in the first quarter. Driehaus Capital Management LLC now owns 873,784 shares of the medical device company’s stock valued at $63,961,000 after purchasing an additional 328,040 shares in the last quarter. Finally, Fiera Capital Corp purchased a new stake in Globus Medical during the 1st quarter worth approximately $19,514,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

GMED has been the subject of several recent research reports. Stifel Nicolaus initiated coverage on shares of Globus Medical in a research report on Tuesday, October 28th. They issued a “hold” rating and a $64.00 price target for the company. Bank of America upgraded Globus Medical from a “neutral” rating to a “buy” rating and lifted their target price for the company from $65.00 to $91.00 in a report on Friday, November 7th. Wells Fargo & Company upped their price target on Globus Medical from $66.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Wall Street Zen upgraded Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Finally, Zacks Research raised Globus Medical from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $89.91.

Globus Medical Price Performance

Shares of NYSE GMED opened at $83.87 on Thursday. The business has a 50-day moving average of $63.78 and a two-hundred day moving average of $60.62. The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 1.68 and a beta of 1.15. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The business had revenue of $769.05 million for the quarter, compared to the consensus estimate of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, equities research analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Insider Transactions at Globus Medical

In related news, Director David D. Davidar sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $86.00, for a total value of $2,150,000.00. Following the completion of the sale, the director directly owned 516,275 shares of the company’s stock, valued at $44,399,650. The trade was a 4.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen T. Zarrilli sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $84.29, for a total value of $2,107,250.00. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 70,000 shares of company stock worth $5,659,850. 18.51% of the stock is currently owned by insiders.

About Globus Medical

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.