Fifth Third Bancorp Reduces Position in Globus Medical, Inc. $GMED

Fifth Third Bancorp decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 4.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,665 shares of the medical device company’s stock after selling 371 shares during the quarter. Fifth Third Bancorp’s holdings in Globus Medical were worth $452,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Covea Finance grew its holdings in shares of Globus Medical by 92.5% during the second quarter. Covea Finance now owns 147,100 shares of the medical device company’s stock worth $8,682,000 after buying an additional 70,700 shares in the last quarter. Park Avenue Securities LLC purchased a new stake in shares of Globus Medical during the second quarter worth $513,000. Exchange Traded Concepts LLC grew its holdings in shares of Globus Medical by 22.5% during the second quarter. Exchange Traded Concepts LLC now owns 212,937 shares of the medical device company’s stock worth $12,568,000 after buying an additional 39,155 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Globus Medical by 8.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,146 shares of the medical device company’s stock worth $364,000 after buying an additional 503 shares in the last quarter. Finally, TT International Asset Management LTD grew its holdings in shares of Globus Medical by 32.6% during the second quarter. TT International Asset Management LTD now owns 50,709 shares of the medical device company’s stock worth $2,993,000 after buying an additional 12,478 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GMED. Barclays reaffirmed an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Wells Fargo & Company lowered their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Morgan Stanley lowered their price target on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. Finally, Wall Street Zen cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus price target of $87.64.

Insider Activity

In other news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the sale, the director owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

NYSE GMED opened at $56.49 on Tuesday. The firm’s 50-day moving average is $57.79 and its two-hundred day moving average is $62.21. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The stock has a market capitalization of $7.63 billion, a P/E ratio of 21.73, a PEG ratio of 1.52 and a beta of 1.16.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company had revenue of $745.34 million for the quarter, compared to analysts’ expectations of $738.91 million. During the same quarter in the prior year, the company posted $0.75 earnings per share. Globus Medical’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical 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.