Corient Private Wealth LLC Reduces Stake in Globus Medical, Inc. (NYSE:GMED)

Corient Private Wealth LLC trimmed its stake in Globus Medical, Inc. (NYSE:GMED) by 10.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 65,344 shares of the medical device company’s stock after selling 7,985 shares during the quarter. Corient Private Wealth LLC’s holdings in Globus Medical were worth $5,405,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GMED. Raymond James Financial Inc. purchased a new position in Globus Medical in the fourth quarter valued at about $58,405,000. ArrowMark Colorado Holdings LLC purchased a new position in Globus Medical in the third quarter valued at about $43,947,000. Lord Abbett & CO. LLC purchased a new position in Globus Medical in the third quarter valued at about $37,948,000. Parsifal Capital Management LP boosted its stake in Globus Medical by 50.5% in the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after acquiring an additional 453,053 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new position in Globus Medical in the third quarter valued at about $26,406,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Price Performance

NYSE GMED opened at $73.67 on Friday. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93. The stock has a market capitalization of $10.13 billion, a PE ratio of 98.22, a P/E/G ratio of 1.61 and a beta of 1.19. The company’s 50 day simple moving average is $83.61 and its two-hundred day simple moving average is $79.71.

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

Analyst Upgrades and Downgrades

GMED has been the topic of a number of recent research reports. Roth Mkm upped their price target on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their price target for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday. Barclays upped their price target on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Truist Financial dropped their price target on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Tuesday. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.09.

Insider Activity

In other news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 18.54% of the company’s stock.

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.