Bank of New York Mellon Corp Trims Position in Globus Medical, Inc. $GMED

Bank of New York Mellon Corp decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,137,610 shares of the medical device company’s stock after selling 26,224 shares during the period. Bank of New York Mellon Corp owned approximately 0.84% of Globus Medical worth $67,142,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Larson Financial Group LLC raised its stake in Globus Medical by 1,007.7% during the 1st 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. Caitong International Asset Management Co. Ltd increased its holdings in shares of Globus Medical by 202.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 383 shares during the period. Whittier Trust Co. raised its stake 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 during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Globus Medical by 237.3% during the first quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company’s stock worth $62,000 after purchasing an additional 598 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings 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 purchasing an additional 279 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on GMED shares. Royal Bank Of Canada boosted their price objective on shares of Globus Medical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Friday. Wells Fargo & Company boosted their price target on shares of Globus Medical from $66.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday. Wall Street Zen raised shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Saturday. Truist Financial raised Globus Medical from a “hold” rating to a “buy” rating and lifted their price objective for the company from $65.00 to $93.00 in a report on Friday. Finally, Canaccord Genuity Group dropped their target price on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $87.82.

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 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 completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 18.51% of the stock is currently owned by corporate insiders.

Globus Medical Trading Up 36.1%

GMED stock opened at $83.99 on Monday. The firm has a 50 day moving average of $59.83 and a 200-day moving average of $59.85. The company has a market cap of $11.34 billion, a price-to-earnings ratio of 32.31, a PEG ratio of 1.68 and a beta of 1.15. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.39. The business had revenue of $769.05 million for the quarter, compared to analysts’ expectations of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Sell-side analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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.