Globus Medical, Inc. $GMED Shares Sold by Acorn Financial Advisory Services Inc. ADV

Acorn Financial Advisory Services Inc. ADV lowered its holdings in Globus Medical, Inc. (NYSE:GMED) by 3.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 14,526 shares of the medical device company’s stock after selling 540 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in Globus Medical were worth $857,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its holdings in Globus Medical by 49.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company’s stock valued at $30,258,000 after purchasing an additional 136,955 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in Globus Medical during the 1st quarter valued at $587,000. New York State Teachers Retirement System grew its holdings in Globus Medical by 1.2% during the 1st quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company’s stock valued at $6,452,000 after purchasing an additional 1,027 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Globus Medical during the 1st quarter valued at $753,000. Finally, GAMMA Investing LLC grew its holdings in Globus Medical by 20.3% during the 1st quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company’s stock valued at $111,000 after purchasing an additional 256 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Price Performance

Shares of GMED stock opened at $57.53 on Tuesday. The firm has a market cap of $7.77 billion, a P/E ratio of 22.13, a P/E/G ratio of 1.55 and a beta of 1.12. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93. The firm has a fifty day moving average of $58.85 and a two-hundred day moving average of $61.16.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.10. The company had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period last year, the business earned $0.75 EPS. On average, sell-side analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

Insider Activity at Globus Medical

In other news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 18.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GMED. Wells Fargo & Company lowered their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Wall Street Zen lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Morgan Stanley lowered their price target on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Finally, Canaccord Genuity Group reduced their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and an average target price of $87.27.

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.