Exchange Traded Concepts LLC Trims Stake in Globus Medical, Inc. (NYSE:GMED)

Exchange Traded Concepts LLC cut its holdings in Globus Medical, Inc. (NYSE:GMED) by 14.1% during the 4th quarter, Holdings Channel reports. The fund owned 164,425 shares of the medical device company’s stock after selling 26,891 shares during the period. Exchange Traded Concepts LLC’s holdings in Globus Medical were worth $13,600,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in Globus Medical in the 3rd quarter worth $27,000. Quarry LP raised its stake in Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 433 shares during the period. Farther Finance Advisors LLC lifted its holdings in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after purchasing an additional 385 shares in the last quarter. UMB Bank n.a. boosted its stake in Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after purchasing an additional 206 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after buying an additional 257 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Down 0.1 %

NYSE GMED opened at $92.33 on Friday. Globus Medical, Inc. has a 52 week low of $49.33 and a 52 week high of $93.67. The firm has a market capitalization of $12.57 billion, a price-to-earnings ratio of 137.61, a PEG ratio of 1.78 and a beta of 1.19. The company has a fifty day moving average of $84.64 and a two-hundred day moving average of $76.45.

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

Wall Street Analyst Weigh In

GMED has been the subject of a number of research reports. Roth Mkm upped their target price on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Canaccord Genuity Group lifted their target price on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Truist Financial lifted their price objective on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Finally, Piper Sandler increased their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.91.

Insider Transactions at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,667 shares of company stock worth $6,674,554. 18.54% of the stock is currently owned by company insiders.

Globus Medical Company 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.