Godshalk Welsh Capital Management Inc. Sells 7,320 Shares of Globus Medical, Inc. (NYSE:GMED)

Godshalk Welsh Capital Management Inc. cut its stake in Globus Medical, Inc. (NYSE:GMED) by 11.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,000 shares of the medical device company’s stock after selling 7,320 shares during the period. Globus Medical comprises approximately 2.9% of Godshalk Welsh Capital Management Inc.’s holdings, making the stock its 6th largest holding. Godshalk Welsh Capital Management Inc.’s holdings in Globus Medical were worth $4,549,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in Globus Medical in the fourth quarter valued at about $58,405,000. ArrowMark Colorado Holdings LLC bought a new position in shares of Globus Medical in the third quarter valued at approximately $43,947,000. Lord Abbett & CO. LLC acquired a new position in shares of Globus Medical in the 3rd quarter worth approximately $37,948,000. Parsifal Capital Management LP grew its position in Globus Medical by 50.5% during the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after acquiring an additional 453,053 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Globus Medical by 29.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock valued at $88,610,000 after purchasing an additional 285,172 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 18.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GMED. Wells Fargo & Company reduced their price objective on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Truist Financial reduced their price target on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Roth Mkm raised their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. BTIG Research upped their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.09.

Globus Medical Trading Down 3.0 %

GMED stock opened at $74.34 on Thursday. Globus Medical, Inc. has a 1-year low of $49.33 and a 1-year high of $94.93. The firm has a market cap of $10.23 billion, a PE ratio of 99.12, a P/E/G ratio of 1.61 and a beta of 1.19. The business’s 50-day moving average price is $82.84 and its two-hundred day moving average price is $79.88.

Globus Medical (NYSE:GMED) last released its quarterly 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 company had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. On average, analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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.