Rhumbline Advisers reduced its position in shares of Globus Medical Inc (NYSE:GMED) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,138 shares of the medical device company’s stock after selling 2,989 shares during the period. Rhumbline Advisers owned 0.16% of Globus Medical worth $6,212,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Globus Medical by 39.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,183 shares of the medical device company’s stock valued at $172,000 after purchasing an additional 1,183 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Globus Medical during the third quarter valued at about $177,000. Macquarie Group Ltd. bought a new position in shares of Globus Medical during the third quarter valued at about $187,000. Greenwood Capital Associates LLC bought a new position in shares of Globus Medical during the fourth quarter valued at about $204,000. Finally, Sawgrass Asset Management LLC bought a new stake in Globus Medical in the third quarter worth about $212,000. 65.92% of the stock is currently owned by institutional investors.
Several analysts have commented on the stock. Zacks Investment Research lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Tuesday. Canaccord Genuity reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Globus Medical in a research report on Monday. Barclays reaffirmed a “sell” rating and issued a $36.00 price objective on shares of Globus Medical in a research report on Wednesday, January 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Thursday, February 22nd. Finally, Oppenheimer set a $49.00 price objective on shares of Globus Medical and gave the stock a “hold” rating in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $49.57.
In other news, CAO Steven Payne sold 3,076 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $39.30, for a total value of $120,886.80. Following the sale, the chief accounting officer now owns 23,847 shares of the company’s stock, valued at $937,187.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 28.21% of the company’s stock.
Globus Medical Inc (NYSE GMED) traded up $0.06 during midday trading on Wednesday, hitting $51.55. 482,309 shares of the stock traded hands, compared to its average volume of 672,720. Globus Medical Inc has a one year low of $27.52 and a one year high of $52.18. The company has a market capitalization of $4,967.22, a price-to-earnings ratio of 46.86, a P/E/G ratio of 2.85 and a beta of 0.44.
Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Wednesday, February 21st. The medical device company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.03. Globus Medical had a net margin of 16.88% and a return on equity of 13.93%. The company had revenue of $176.03 million for the quarter, compared to analyst estimates of $175.50 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. analysts forecast that Globus Medical Inc will post 1.5 earnings per share for the current year.
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About Globus Medical
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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