Retirement Systems of Alabama Decreases Position in Globus Medical, Inc. (NYSE:GMED)

Retirement Systems of Alabama reduced its stake in Globus Medical, Inc. (NYSE:GMED) by 1.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 144,486 shares of the medical device company’s stock after selling 2,059 shares during the period. Retirement Systems of Alabama’s holdings in Globus Medical were worth $7,700,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GMED. Vanguard Group Inc. increased its position in shares of Globus Medical by 49.7% during the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after purchasing an additional 3,732,959 shares in the last quarter. Nuance Investments LLC lifted its stake in Globus Medical by 36.8% in the third quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock valued at $179,759,000 after buying an additional 974,693 shares during the last quarter. Wellington Management Group LLP lifted its stake in Globus Medical by 19.6% in the third quarter. Wellington Management Group LLP now owns 2,659,944 shares of the medical device company’s stock valued at $132,066,000 after buying an additional 435,132 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Globus Medical by 80.0% in the third quarter. Bank of New York Mellon Corp now owns 2,406,682 shares of the medical device company’s stock valued at $119,492,000 after acquiring an additional 1,069,419 shares during the period. Finally, William Blair Investment Management LLC grew its position in shares of Globus Medical by 1.9% during the third quarter. William Blair Investment Management LLC now owns 2,316,372 shares of the medical device company’s stock worth $115,008,000 after acquiring an additional 43,187 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $51.95 on Friday. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $62.88. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 44.40, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The stock has a 50 day simple moving average of $52.57 and a 200-day simple moving average of $51.22.

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. The firm had revenue of $616.53 million during the quarter, compared to analysts’ expectations of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. Globus Medical’s revenue was up 124.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.59 earnings per share. On average, equities analysts forecast that Globus Medical, Inc. will post 2.69 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GMED shares. BTIG Research upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Monday, March 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 target price on shares of Globus Medical in a research note on Thursday, January 11th. Stifel Nicolaus boosted their price target on Globus Medical from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Truist Financial increased their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.33.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the transaction, the director now directly owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 24.30% of the company’s stock.

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.