Globus Medical, Inc. $GMED Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. decreased its stake in Globus Medical, Inc. (NYSE:GMED) by 21.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,957 shares of the medical device company’s stock after selling 6,685 shares during the period. Bessemer Group Inc.’s holdings in Globus Medical were worth $1,413,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Larson Financial Group LLC lifted its position in Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock valued at $32,000 after acquiring an additional 393 shares during the last quarter. Whittier Trust Co. increased its position in shares of Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock worth $42,000 after purchasing an additional 184 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Globus Medical by 202.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock worth $42,000 after purchasing an additional 383 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Globus Medical by 41.1% in the 2nd quarter. Signaturefd LLC now owns 958 shares of the medical device company’s stock valued at $57,000 after purchasing an additional 279 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its position in shares of Globus Medical by 237.3% in the 1st quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company’s stock valued at $62,000 after purchasing an additional 598 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Down 1.2%

NYSE:GMED opened at $60.73 on Friday. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The stock’s 50 day simple moving average is $59.41 and its 200-day simple moving average is $60.27. The firm has a market cap of $8.20 billion, a P/E ratio of 23.36, a PEG ratio of 1.68 and a beta of 1.12.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. The firm had revenue of $745.34 million for 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%. Globus Medical’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period last year, the firm posted $0.75 EPS. Research analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on GMED shares. Royal Bank Of Canada set a $88.00 price target on Globus Medical in a research report on Friday, October 10th. Stifel Nicolaus started coverage on shares of Globus Medical in a research report on Tuesday. They set a “hold” rating and a $64.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Wells Fargo & Company decreased their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Finally, Canaccord Genuity Group lowered 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 report on Tuesday, July 22nd. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $84.55.

Insider Buying and Selling 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 sale, the director owned 25,384 shares of the company’s stock, valued at $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.51% of the stock is currently owned by insiders.

Globus Medical 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.