State of Michigan Retirement System Increases Stock Position in Globus Medical, Inc. (NYSE:GMED)

State of Michigan Retirement System lifted its holdings in shares of Globus Medical, Inc. (NYSE:GMEDFree Report) by 2.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,361 shares of the medical device company’s stock after acquiring an additional 700 shares during the period. State of Michigan Retirement System’s holdings in Globus Medical were worth $1,521,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Allworth Financial LP grew its position 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 valued at $66,000 after buying an additional 254 shares during the last quarter. Mather Group LLC. purchased a new position in Globus Medical in the 1st quarter valued at $69,000. Quest Partners LLC purchased a new position in Globus Medical in the 4th quarter valued at $81,000. HighPoint Advisor Group LLC purchased a new position in Globus Medical in the 4th quarter valued at $201,000. Finally, First Hawaiian Bank purchased a new position in Globus Medical in the 1st quarter valued at $231,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GMED shares. BTIG Research lifted their price objective on shares of Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and raised their target price for the company from $60.00 to $80.00 in a report on Monday, May 20th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. Stifel Nicolaus raised their target price on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, Barclays raised their target price on Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $69.40.

Get Our Latest Research Report on GMED

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 20,000 shares of Globus Medical stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the sale, the director now owns 566,275 shares in the company, valued at approximately $36,807,875. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David D. Davidar sold 20,000 shares of the business’s stock in a transaction dated 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 sale, 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 can be accessed through the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Globus Medical Stock Up 0.2 %

NYSE:GMED opened at $68.74 on Friday. The company has a market capitalization of $9.31 billion, a PE ratio of 107.41, a price-to-earnings-growth ratio of 1.91 and a beta of 1.15. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $69.77. The stock has a fifty day simple moving average of $63.70 and a 200-day simple moving average of $56.92.

Globus Medical (NYSE:GMEDGet Free Report) last announced 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. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The firm had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. During the same quarter in the previous year, the company posted $0.53 EPS. The firm’s revenue for the quarter was up 119.3% on a year-over-year basis. As a group, equities analysts anticipate that Globus Medical, Inc. will post 2.82 earnings per share for the current year.

Globus Medical Company Profile

(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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