Point72 Asset Management L.P. Makes New $3.41 Million Investment in Globus Medical Inc (NYSE:GMED)

Point72 Asset Management L.P. bought a new position in Globus Medical Inc (NYSE:GMED) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 66,700 shares of the medical device company’s stock, valued at approximately $3,410,000. Point72 Asset Management L.P. owned about 0.07% of Globus Medical as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System increased its holdings in Globus Medical by 1.2% in the third quarter. California State Teachers Retirement System now owns 118,490 shares of the medical device company’s stock valued at $6,057,000 after buying an additional 1,415 shares during the last quarter. GW&K Investment Management LLC raised its holdings in shares of Globus Medical by 35.4% during the third quarter. GW&K Investment Management LLC now owns 1,447,134 shares of the medical device company’s stock worth $73,977,000 after purchasing an additional 378,211 shares during the period. Eagle Asset Management Inc. raised its holdings in shares of Globus Medical by 1.5% during the third quarter. Eagle Asset Management Inc. now owns 170,147 shares of the medical device company’s stock worth $8,697,000 after purchasing an additional 2,549 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. acquired a new stake in shares of Globus Medical during the third quarter worth $961,000. Finally, Yorktown Management & Research Co Inc bought a new position in shares of Globus Medical in the 3rd quarter worth about $225,000. Institutional investors and hedge funds own 67.46% of the company’s stock.

Shares of NYSE GMED opened at $55.74 on Tuesday. The firm has a market capitalization of $5.56 billion, a PE ratio of 33.38, a P/E/G ratio of 2.90 and a beta of 0.96. Globus Medical Inc has a 1-year low of $38.01 and a 1-year high of $57.11. The business’s fifty day moving average price is $53.28 and its two-hundred day moving average price is $47.70.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, November 6th. The medical device company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.01. The company had revenue of $196.22 million during the quarter, compared to the consensus estimate of $185.86 million. Globus Medical had a net margin of 19.03% and a return on equity of 13.09%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 earnings per share. On average, equities research analysts predict that Globus Medical Inc will post 1.72 earnings per share for the current year.

Several research analysts have recently commented on GMED shares. Wells Fargo & Co lifted their price target on shares of Globus Medical from $42.00 to $53.00 and gave the company a “market perform” rating in a report on Tuesday, October 8th. Needham & Company LLC reiterated a “buy” rating and set a $63.00 price objective on shares of Globus Medical in a research note on Thursday, November 7th. Cantor Fitzgerald raised their target price on shares of Globus Medical from $55.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. BTIG Research reissued a “hold” rating on shares of Globus Medical in a report on Thursday, November 7th. Finally, ValuEngine downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $56.29.

In related news, SVP Kelly Huller sold 3,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $55.90, for a total value of $167,700.00. Following the completion of the transaction, the senior vice president now directly owns 3,384 shares of the company’s stock, valued at approximately $189,165.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David D. Davidar sold 38,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $54.00, for a total value of $2,052,000.00. Following the completion of the transaction, the director now directly owns 666,775 shares of the company’s stock, valued at $36,005,850. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,000 shares of company stock worth $2,378,400. Corporate insiders own 24.97% of the company’s stock.

Globus Medical Profile

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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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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