Point72 Asset Management L.P. lessened its stake in Globus Medical Inc (NYSE:GMED) by 85.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 78,564 shares of the medical device company’s stock after selling 478,434 shares during the period. Point72 Asset Management L.P.’s holdings in Globus Medical were worth $3,964,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GMED. Moneta Group Investment Advisors LLC bought a new stake in shares of Globus Medical in the first quarter valued at about $106,000. NumerixS Investment Technologies Inc bought a new stake in shares of Globus Medical in the second quarter valued at about $125,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Globus Medical in the first quarter valued at about $126,000. Smithfield Trust Co. lifted its stake in shares of Globus Medical by 3,711.1% in the first quarter. Smithfield Trust Co. now owns 3,430 shares of the medical device company’s stock valued at $171,000 after buying an additional 3,340 shares during the period. Finally, Clarus Wealth Advisors bought a new stake in shares of Globus Medical in the second quarter valued at about $194,000. Institutional investors and hedge funds own 63.88% of the company’s stock.
Several research firms recently weighed in on GMED. Zacks Investment Research upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research note on Thursday, July 5th. Cantor Fitzgerald began coverage on shares of Globus Medical in a research note on Thursday, May 31st. They issued an “overweight” rating and a $65.00 target price for the company. Leerink Swann increased their target price on shares of Globus Medical from $60.00 to $61.00 and gave the company an “outperform” rating in a research note on Wednesday, May 30th. Morgan Stanley increased their target price on shares of Globus Medical from $58.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, August 2nd. Finally, Needham & Company LLC increased their target price on shares of Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $54.36.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, August 1st. The medical device company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. The firm had revenue of $173.40 million during the quarter, compared to analysts’ expectations of $168.03 million. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. equities analysts expect that Globus Medical Inc will post 1.55 EPS for the current year.
In other Globus Medical news, VP Eric Schwartz sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 25th. The shares were sold at an average price of $53.79, for a total transaction of $537,900.00. Following the completion of the transaction, the vice president now owns 10,000 shares in the company, valued at $537,900. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David C. Paul sold 6,841 shares of the firm’s stock in a transaction dated Tuesday, July 17th. The stock was sold at an average price of $52.95, for a total transaction of $362,230.95. Following the transaction, the insider now owns 605,871 shares of the company’s stock, valued at approximately $32,080,869.45. The disclosure for this sale can be found here. 28.44% of the stock is owned by company insiders.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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