Man Group plc lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 40.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 140,788 shares of the medical device company’s stock after selling 97,390 shares during the period. Man Group plc owned 0.14% of Globus Medical worth $8,682,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in GMED. BlackRock Inc. grew its holdings in shares of Globus Medical by 2.1% during the 1st quarter. BlackRock Inc. now owns 7,561,883 shares of the medical device company’s stock worth $466,342,000 after purchasing an additional 155,981 shares in the last quarter. RTW Investments LP increased its holdings in Globus Medical by 1.8% in the 1st quarter. RTW Investments LP now owns 1,670,811 shares of the medical device company’s stock valued at $103,039,000 after buying an additional 29,952 shares during the period. Champlain Investment Partners LLC raised its position in shares of Globus Medical by 41.0% in the 1st quarter. Champlain Investment Partners LLC now owns 1,520,725 shares of the medical device company’s stock valued at $93,783,000 after buying an additional 442,180 shares in the last quarter. GW&K Investment Management LLC lifted its holdings in shares of Globus Medical by 4.9% during the 1st quarter. GW&K Investment Management LLC now owns 1,489,462 shares of the medical device company’s stock worth $91,855,000 after acquiring an additional 69,098 shares during the period. Finally, Geneva Capital Management LLC boosted its position in shares of Globus Medical by 33.7% during the 1st quarter. Geneva Capital Management LLC now owns 1,277,448 shares of the medical device company’s stock worth $78,781,000 after acquiring an additional 322,334 shares in the last quarter. 66.56% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently issued reports on GMED shares. Canaccord Genuity increased their price target on shares of Globus Medical from $79.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, May 5th. increased their price target on shares of Globus Medical from $77.00 to $81.00 in a research report on Wednesday, May 5th. Wells Fargo & Company raised their price objective on Globus Medical from $71.00 to $78.00 and gave the company an “overweight” rating in a research note on Wednesday, May 5th. Zacks Investment Research lowered Globus Medical from a “buy” rating to a “hold” rating and set a $75.00 price objective on the stock. in a research note on Friday, April 23rd. Finally, BTIG Research raised their price objective on Globus Medical from $72.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, May 5th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $73.53.
Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, May 4th. The medical device company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.12. The company had revenue of $227.34 million for the quarter, compared to analyst estimates of $196.89 million. Globus Medical had a net margin of 14.73% and a return on equity of 11.33%. Globus Medical’s revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 earnings per share. As a group, equities research analysts anticipate that Globus Medical, Inc. will post 1.89 EPS for the current year.
In related news, CFO Keith W. Pfeil sold 834 shares of the business’s stock in a transaction on Monday, July 19th. The shares were sold at an average price of $78.25, for a total value of $65,260.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Daniel T. Scavilla sold 100,000 shares of the business’s stock in a transaction on Friday, July 2nd. The shares were sold at an average price of $78.41, for a total transaction of $7,841,000.00. Following the completion of the transaction, the executive vice president now owns 50,000 shares in the company, valued at approximately $3,920,500. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 424,689 shares of company stock worth $31,204,095. 24.75% of the stock is owned by insiders.
About Globus Medical
Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders. Its offers spine products, such as consists of traditional fusion implants, such as pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies, such as dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products, comprising of allografts and synthetic alternatives.
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