Pacer Advisors Inc. purchased a new position in Globus Medical Inc (NYSE:GMED) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 30,295 shares of the medical device company’s stock, valued at approximately $1,281,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Gravity Wealth Inc. acquired a new stake in shares of Globus Medical in the 2nd quarter worth approximately $25,000. Steward Partners Investment Advisory LLC acquired a new stake in Globus Medical during the 2nd quarter valued at $26,000. Advisory Services Network LLC grew its holdings in Globus Medical by 620.0% during the 2nd quarter. Advisory Services Network LLC now owns 792 shares of the medical device company’s stock valued at $34,000 after buying an additional 682 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in Globus Medical during the 2nd quarter valued at $38,000. Finally, Quantamental Technologies LLC purchased a new position in shares of Globus Medical during the 2nd quarter worth $88,000. Institutional investors and hedge funds own 67.89% of the company’s stock.
Shares of GMED traded down $0.22 during trading hours on Friday, hitting $51.55. The stock had a trading volume of 6,889 shares, compared to its average volume of 498,998. The firm has a market cap of $4.97 billion, a P/E ratio of 30.96, a P/E/G ratio of 2.44 and a beta of 0.94. The company’s fifty day simple moving average is $49.06 and its 200 day simple moving average is $45.32. Globus Medical Inc has a 12-month low of $38.01 and a 12-month high of $57.83.
In other Globus Medical news, Director David D. Davidar sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.33, for a total value of $2,466,500.00. Following the transaction, the director now directly owns 754,775 shares of the company’s stock, valued at $37,233,050.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kelly Huller sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $49.90, for a total value of $149,700.00. Following the completion of the transaction, the senior vice president now directly owns 9,384 shares in the company, valued at $468,261.60. The disclosure for this sale can be found here. Company insiders own 24.97% of the company’s stock.
A number of brokerages have weighed in on GMED. ValuEngine raised Globus Medical from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Co lowered Globus Medical from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $50.00 to $41.00 in a research note on Friday, May 24th. Morgan Stanley set a $45.00 price target on Globus Medical and gave the stock a “hold” rating in a research note on Wednesday, June 5th. Zacks Investment Research raised Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 price target on the stock in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $56.00 price target (up previously from $52.00) on shares of Globus Medical in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Globus Medical has a consensus rating of “Buy” and an average price target of $55.20.
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 a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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