Globus Medical, Inc. (NYSE:GMED) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 13.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 78,377 shares of the medical device company’s stock after selling 12,597 shares during the period. New York State Teachers Retirement System’s holdings in Globus Medical were worth $4,177,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GMED. Quarry LP acquired a new position in shares of Globus Medical in the first quarter valued at approximately $27,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Globus Medical in the third quarter valued at approximately $28,000. Advisory Services Network LLC raised its position in shares of Globus Medical by 109.6% in the first quarter. Advisory Services Network LLC now owns 503 shares of the medical device company’s stock valued at $28,000 after buying an additional 263 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in shares of Globus Medical in the fourth quarter valued at approximately $28,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Globus Medical in the third quarter valued at approximately $56,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analysts Set New Price Targets

GMED has been the subject of a number of analyst reports. Truist Financial boosted their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Stifel Nicolaus boosted their target price on shares of Globus Medical from $61.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of Globus Medical in a report on Thursday, January 11th. BTIG Research upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Monday, March 18th. Finally, Canaccord Genuity Group boosted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, December 20th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.33.

Globus Medical Price Performance

GMED opened at $51.67 on Monday. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $62.88. The company has a 50 day moving average of $53.32 and a two-hundred day moving average of $51.34. The company has a market cap of $6.99 billion, a P/E ratio of 44.16, a P/E/G ratio of 1.52 and a beta of 1.08.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.01. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The company had revenue of $616.53 million during the quarter, compared to the consensus estimate of $608.21 million. During the same period in the previous year, the firm earned $0.59 earnings per share. Globus Medical’s revenue for the quarter was up 124.6% on a year-over-year basis. On average, analysts expect that Globus Medical, Inc. will post 2.69 earnings per share for the current year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now directly owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 24.30% of the company’s stock.

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.