Globus Medical, Inc. (NYSE:GMED) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 42.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,353,631 shares of the medical device company’s stock after selling 1,007,423 shares during the quarter. Bank of New York Mellon Corp owned 0.99% of Globus Medical worth $111,959,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp increased its holdings in Globus Medical by 2.3% in the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after buying an additional 81,371 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Globus Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after buying an additional 21,935 shares during the period. Geneva Capital Management LLC boosted its position in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after buying an additional 18,117 shares during the period. Parsifal Capital Management LP boosted its position in shares of Globus Medical by 50.5% during the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after buying an additional 453,053 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Globus Medical by 29.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock worth $88,610,000 after buying an additional 285,172 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GMED shares. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Friday, February 21st. Royal Bank of Canada boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Barclays upped their price target on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Truist Financial upped their price target on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.82.

Globus Medical Price Performance

GMED stock opened at $80.34 on Friday. Globus Medical, Inc. has a 52-week low of $49.33 and a 52-week high of $94.93. The company has a 50-day moving average of $86.46 and a two-hundred day moving average of $79.38. The stock has a market capitalization of $10.94 billion, a price-to-earnings ratio of 107.12, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. Equities analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. 18.54% of the stock is owned by corporate insiders.

About Globus Medical

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.