Park Avenue Securities LLC Makes New $513,000 Investment in Globus Medical, Inc. $GMED

Park Avenue Securities LLC acquired a new position in shares of Globus Medical, Inc. (NYSE:GMED) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 8,694 shares of the medical device company’s stock, valued at approximately $513,000.

Several other institutional investors also recently modified their holdings of the stock. Berry Wealth Group LP boosted its stake in Globus Medical by 4.2% in the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company’s stock valued at $260,000 after buying an additional 144 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company’s stock worth $479,000 after acquiring an additional 150 shares during the last quarter. HB Wealth Management LLC raised its position in shares of Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock worth $278,000 after acquiring an additional 170 shares during the last quarter. Whittier Trust Co. raised its position in shares of Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock worth $42,000 after acquiring an additional 184 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock worth $37,000 after acquiring an additional 193 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Globus Medical Stock Performance

NYSE:GMED opened at $56.49 on Tuesday. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93. The business’s fifty day moving average is $57.79 and its 200 day moving average is $62.21. The firm has a market cap of $7.63 billion, a price-to-earnings 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, topping the consensus estimate of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The business had revenue of $745.34 million during the quarter, compared to analysts’ expectations of $738.91 million. During the same period in the previous year, the business earned $0.75 earnings per share. The firm’s revenue was up 18.4% on a year-over-year basis. Equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Canaccord Genuity Group decreased their target price on Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 22nd. Wall Street Zen cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Barclays reaffirmed an “overweight” rating on shares of Globus Medical in a research report on Tuesday, June 10th. Finally, Morgan Stanley dropped their price target on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.64.

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.