CenterBook Partners LP Reduces Holdings in Globus Medical, Inc. (NYSE:GMED)

CenterBook Partners LP trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMEDFree Report) by 77.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,198 shares of the medical device company’s stock after selling 25,018 shares during the period. CenterBook Partners LP’s holdings in Globus Medical were worth $384,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Globus Medical during the 3rd quarter worth approximately $28,000. Allworth Financial LP grew its stake in Globus Medical by 25.7% in the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after acquiring an additional 254 shares during the period. Quest Partners LLC purchased a new stake in Globus Medical in the 4th quarter worth approximately $81,000. Wolverine Asset Management LLC purchased a new stake in Globus Medical in the 3rd quarter worth approximately $89,000. Finally, Greenleaf Trust purchased a new stake in Globus Medical in the 4th quarter worth approximately $248,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on GMED shares. Stifel Nicolaus lifted their target price on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Barclays lifted their target price on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Truist Financial lifted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. Finally, BTIG Research lifted their price target on shares of Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and an average target price of $69.40.

Check Out Our Latest Research Report on GMED

Insider Activity at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the transaction, the director now owns 566,275 shares in the company, valued at approximately $36,807,875. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the business’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 transaction, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David D. Davidar sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the completion of the transaction, the director now owns 566,275 shares in the company, valued at approximately $36,807,875. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 93,890 shares of company stock worth $5,940,387. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Trading Down 1.6 %

NYSE:GMED opened at $65.12 on Monday. The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of 101.75, a PEG ratio of 1.81 and a beta of 1.15. The firm’s fifty day simple moving average is $57.84 and its 200 day simple moving average is $54.30. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $67.89.

Globus Medical (NYSE:GMEDGet Free Report) last posted its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.17. The business had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The business’s quarterly revenue was up 119.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.53 EPS. On average, analysts predict that Globus Medical, Inc. will post 2.82 earnings per share for the current year.

About Globus Medical

(Free Report)

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.

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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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