Arizona State Retirement System Purchases 358 Shares of Globus Medical, Inc. (NYSE:GMED)

Arizona State Retirement System grew its position in shares of Globus Medical, Inc. (NYSE:GMED) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,788 shares of the medical device company’s stock after buying an additional 358 shares during the period. Arizona State Retirement System’s holdings in Globus Medical were worth $2,712,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Oak Thistle LLC bought a new stake in Globus Medical in the 4th quarter valued at about $376,000. bLong Financial LLC purchased a new position in shares of Globus Medical in the fourth quarter worth about $397,000. Kathmere Capital Management LLC purchased a new position in shares of Globus Medical in the fourth quarter worth about $23,091,000. Quest Partners LLC bought a new stake in shares of Globus Medical in the third quarter valued at approximately $523,000. Finally, Intech Investment Management LLC lifted its stake in shares of Globus Medical by 291.3% during the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after buying an additional 15,283 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Up 1.5 %

Shares of NYSE GMED opened at $77.48 on Monday. The business has a 50-day moving average of $85.90 and a 200-day moving average of $79.77. The firm has a market capitalization of $10.66 billion, a price-to-earnings ratio of 103.31, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a 12 month low of $49.33 and a 12 month high of $94.93.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. The business had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. On average, analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

GMED has been the subject of a number of recent research reports. Wells Fargo & Company lowered their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Stifel Nicolaus boosted their price objective on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Canaccord Genuity Group increased their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Finally, Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $97.82.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 18.54% of the stock is owned by company insiders.

Globus Medical Profile

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.