Landscape Capital Management L.L.C. Cuts Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Landscape Capital Management L.L.C. lessened its stake in Globus Medical, Inc. (NYSE:GMED) by 27.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,251 shares of the medical device company’s stock after selling 2,678 shares during the period. Landscape Capital Management L.L.C.’s holdings in Globus Medical were worth $519,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Select Equity Group L.P. bought a new stake in Globus Medical in the second quarter valued at approximately $91,711,000. Millennium Management LLC raised its holdings in Globus Medical by 1,171.5% during the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after buying an additional 1,256,570 shares during the last quarter. Artemis Investment Management LLP bought a new stake in Globus Medical during the 3rd quarter valued at $30,656,000. Victory Capital Management Inc. boosted its position in Globus Medical by 855.3% during the 2nd quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock valued at $26,112,000 after buying an additional 341,342 shares during the period. Finally, Swedbank AB bought a new stake in Globus Medical in the 1st quarter worth $17,433,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Price Performance

NYSE:GMED opened at $84.72 on Friday. Globus Medical, Inc. has a one year low of $44.02 and a one year high of $85.30. The company’s 50-day simple moving average is $74.76 and its 200 day simple moving average is $70.83. The firm has a market capitalization of $11.54 billion, a P/E ratio of 126.45, a PEG ratio of 2.03 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis. On average, equities research analysts expect that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GMED has been the subject of a number of analyst reports. StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday. Bank of America increased their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Barclays boosted their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. BTIG Research raised their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.18.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock worth $8,512,850 in the last quarter. Corporate insiders own 18.54% of the company’s stock.

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.