Retirement Systems of Alabama Buys 147,496 Shares of Globus Medical, Inc. (NYSE:GMED)

Retirement Systems of Alabama lifted its position in Globus Medical, Inc. (NYSE:GMED) by 107.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 284,736 shares of the medical device company’s stock after acquiring an additional 147,496 shares during the quarter. Retirement Systems of Alabama’s holdings in Globus Medical were worth $23,551,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in GMED. Oak Thistle LLC purchased a new position in Globus Medical during the fourth quarter worth about $376,000. Kathmere Capital Management LLC purchased a new position in shares of Globus Medical in the 4th quarter worth approximately $23,091,000. Sanctuary Advisors LLC bought a new position in shares of Globus Medical in the second quarter valued at approximately $611,000. Quest Partners LLC purchased a new stake in shares of Globus Medical during the third quarter valued at approximately $523,000. Finally, Intech Investment Management LLC lifted its holdings in Globus Medical by 291.3% during the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after acquiring an additional 15,283 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Activity

In related news, SVP Kelly Huller sold 2,500 shares of the business’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

Shares of GMED stock opened at $92.35 on Thursday. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93. The company’s fifty day simple moving average is $86.33 and its two-hundred day simple moving average is $77.86. The stock has a market capitalization of $12.58 billion, a price-to-earnings ratio of 137.83, a PEG ratio of 1.78 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter 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.

Analysts Set New Price Targets

A number of brokerages have issued reports on GMED. Wells Fargo & Company upped their price objective on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Stifel Nicolaus raised their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Canaccord Genuity Group increased their target price on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Thursday, January 9th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.91.

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.