Leeward Investments LLC MA Trims Stake in Globus Medical, Inc. $GMED

Leeward Investments LLC MA reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 3.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 156,706 shares of the medical device company’s stock after selling 6,146 shares during the quarter. Leeward Investments LLC MA’s holdings in Globus Medical were worth $9,249,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GMED. Invesco Ltd. raised its position in Globus Medical by 331.9% during the first 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 Globus Medical during the first quarter valued at approximately $54,669,000. Truist Financial Corp raised its position in Globus Medical by 640.7% during the first quarter. Truist Financial Corp now owns 508,318 shares of the medical device company’s stock valued at $37,209,000 after acquiring an additional 439,693 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in 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 during the period. Finally, Smith Group Asset Management LLC acquired a new stake in Globus Medical in the first quarter valued at approximately $23,900,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the transaction, the director owned 25,384 shares in the company, valued at approximately $1,483,948.64. This trade represents a 28.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 18.51% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Wells Fargo & Company dropped their price objective on Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Morgan Stanley dropped their price objective on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Canaccord Genuity Group dropped their price objective on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Finally, Wall Street Zen lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.27.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $62.36 on Friday. The business’s 50 day moving average price is $59.30 and its 200-day moving average price is $60.57. The firm has a market capitalization of $8.42 billion, a PE ratio of 23.98, a P/E/G ratio of 1.71 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.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping 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 return on equity of 10.65% and a net margin of 13.58%.The business’s revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 earnings per share. As a group, analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical Company 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.