California State Teachers Retirement System cut its position in shares of Globus Medical Inc (NYSE:GMED) by 9.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 112,984 shares of the medical device company’s stock after selling 12,052 shares during the period. California State Teachers Retirement System’s holdings in Globus Medical were worth $3,358,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. raised its position in Globus Medical by 0.8% during the 2nd quarter. BlackRock Inc. now owns 7,448,420 shares of the medical device company’s stock valued at $246,914,000 after purchasing an additional 61,138 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Globus Medical by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock valued at $189,355,000 after acquiring an additional 76,345 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Globus Medical by 260.0% in the 2nd quarter. Janus Henderson Group PLC now owns 2,683,312 shares of the medical device company’s stock valued at $88,952,000 after acquiring an additional 1,938,039 shares during the period. State Street Corp increased its holdings in shares of Globus Medical by 5.8% in the 2nd quarter. State Street Corp now owns 2,376,667 shares of the medical device company’s stock valued at $78,789,000 after acquiring an additional 129,939 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Globus Medical by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,843,340 shares of the medical device company’s stock valued at $54,784,000 after acquiring an additional 32,034 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.
GMED has been the topic of a number of analyst reports. Zacks Investment Research upgraded Globus Medical from a “sell” rating to a “hold” rating in a report on Thursday, September 14th. BidaskClub downgraded Globus Medical from a “hold” rating to a “sell” rating in a report on Monday, September 18th. Canaccord Genuity reiterated a “buy” rating and issued a $38.00 price target on shares of Globus Medical in a report on Friday, September 22nd. Needham & Company LLC initiated coverage on Globus Medical in a report on Tuesday, September 26th. They issued a “hold” rating on the stock. Finally, Barclays cut their price target on Globus Medical from $28.00 to $27.00 and set an “underweight” rating on the stock in a report on Thursday, October 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $38.86.
Globus Medical (NYSE:GMED) last announced its earnings results on Wednesday, November 8th. The medical device company reported $0.30 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.30. Globus Medical had a return on equity of 13.67% and a net margin of 17.54%. The firm had revenue of $151.74 million for the quarter, compared to the consensus estimate of $150.73 million. During the same period in the previous year, the business earned $0.29 EPS. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. analysts forecast that Globus Medical Inc will post 1.27 EPS for the current year.
In other Globus Medical news, insider A Brett Murphy sold 51,449 shares of Globus Medical stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the completion of the sale, the insider now owns 49,768 shares of the company’s stock, valued at approximately $1,741,880. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Steven Payne sold 3,076 shares of Globus Medical stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $39.30, for a total value of $120,886.80. Following the sale, the chief accounting officer now directly owns 23,847 shares of the company’s stock, valued at approximately $937,187.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 124,908 shares of company stock worth $4,747,975. 28.21% of the stock is owned by company insiders.
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Globus Medical Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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