Globus Medical, Inc. $GMED Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC trimmed its holdings in Globus Medical, Inc. (NYSE:GMED) by 1.9% during the second quarter, HoldingsChannel.com reports. The fund owned 1,993,330 shares of the medical device company’s stock after selling 38,903 shares during the period. Geode Capital Management LLC’s holdings in Globus Medical were worth $117,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of GMED. HB Wealth Management LLC grew its position in Globus Medical by 4.7% during the 1st quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock worth $278,000 after purchasing an additional 170 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Globus Medical by 41.1% during the second quarter. Signaturefd LLC now owns 958 shares of the medical device company’s stock worth $57,000 after buying an additional 279 shares during the period. Johnson Investment Counsel Inc. boosted its stake in shares of Globus Medical by 9.1% during the second quarter. Johnson Investment Counsel Inc. now owns 3,645 shares of the medical device company’s stock worth $215,000 after buying an additional 304 shares during the period. State of New Jersey Common Pension Fund D grew its holdings in shares of Globus Medical by 0.9% during the second quarter. State of New Jersey Common Pension Fund D now owns 38,092 shares of the medical device company’s stock worth $2,248,000 after buying an additional 324 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Globus Medical by 4.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,440 shares of the medical device company’s stock valued at $618,000 after acquiring an additional 355 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

NYSE:GMED opened at $83.87 on Thursday. The stock has a fifty day moving average price of $63.78 and a two-hundred day moving average price of $60.62. The stock has a market capitalization of $11.22 billion, a price-to-earnings ratio of 32.26, a PEG 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 issued its earnings results on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, topping the consensus estimate of $0.79 by $0.39. The company had revenue of $769.05 million for the quarter, compared to analyst estimates of $734.58 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business’s revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. On average, analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on GMED. Zacks Research raised Globus Medical from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 10th. Wells Fargo & Company increased 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. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Finally, Bank of America raised shares of 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. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus price target of $89.91.

Insiders Place Their Bets

In other Globus Medical news, Director David D. Davidar sold 25,000 shares of the stock in a transaction dated 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 transaction, the director directly owned 516,275 shares of the company’s stock, valued at approximately $44,399,650. This trade represents a 4.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the sale, the director 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 70,000 shares of company stock worth $5,659,850. 18.51% of the stock is owned by company 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.