Motley Fool Asset Management LLC Trims Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Motley Fool Asset Management LLC trimmed its holdings in Globus Medical, Inc. (NYSE:GMED) by 22.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,208 shares of the medical device company’s stock after selling 44,942 shares during the period. Motley Fool Asset Management LLC owned approximately 0.12% of Globus Medical worth $10,997,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of GMED. Select Equity Group L.P. bought a new position in Globus Medical in the 2nd quarter valued at $91,711,000. Millennium Management LLC boosted its holdings in Globus Medical by 1,171.5% in the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after purchasing an additional 1,256,570 shares during the period. ArrowMark Colorado Holdings LLC bought a new position in Globus Medical in the 3rd quarter valued at $43,947,000. Artemis Investment Management LLP bought a new stake in shares of Globus Medical during the 3rd quarter worth $30,656,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Globus Medical during the 3rd quarter worth $26,406,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on GMED. Piper Sandler lifted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price objective on shares of Globus Medical in a report on Wednesday, November 6th. Finally, Truist Financial boosted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.73.

Insider Activity at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock worth $8,512,850 over the last 90 days. 18.54% of the stock is owned by company insiders.

Globus Medical Trading Up 1.4 %

GMED stock opened at $85.10 on Wednesday. The firm’s 50-day moving average price is $76.80 and its two-hundred day moving average price is $71.92. Globus Medical, Inc. has a 12-month low of $44.02 and a 12-month high of $87.22. The stock has a market capitalization of $11.59 billion, a price-to-earnings ratio of 127.01, a PEG ratio of 2.00 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the company earned $0.57 earnings per share. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. Equities analysts predict that Globus Medical, Inc. will post 2.98 EPS for the current 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.