Globus Medical, Inc. (NYSE:GMED) Shares Sold by Cannell & Spears LLC

Cannell & Spears LLC trimmed its position in shares of Globus Medical, Inc. (NYSE:GMED) by 43.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,079 shares of the medical device company’s stock after selling 10,682 shares during the quarter. Cannell & Spears LLC’s holdings in Globus Medical were worth $1,164,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Alliancebernstein L.P. increased its position in Globus Medical by 14.2% during the 4th quarter. Alliancebernstein L.P. now owns 173,501 shares of the medical device company’s stock worth $14,350,000 after purchasing an additional 21,516 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in shares of Globus Medical by 290.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 18,823 shares of the medical device company’s stock valued at $1,557,000 after buying an additional 14,000 shares during the period. CIBC Private Wealth Group LLC boosted its stake in shares of Globus Medical by 8,104.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 136,845 shares of the medical device company’s stock valued at $11,844,000 after buying an additional 135,177 shares in the last quarter. Okabena Investment Services Inc. acquired a new position in Globus Medical during the fourth quarter worth $644,000. Finally, Norges Bank purchased a new position in Globus Medical in the fourth quarter worth $117,102,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 18.54% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GMED has been the topic of several research analyst reports. StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Wells Fargo & Company lowered their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Truist Financial decreased their price target on Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Tuesday, March 18th. BTIG Research raised their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $97.09.

Globus Medical Stock Up 0.9 %

GMED stock opened at $73.18 on Tuesday. The stock has a market capitalization of $10.07 billion, a price-to-earnings ratio of 97.57, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a 52-week low of $49.33 and a 52-week high of $94.93. The stock’s fifty day simple moving average is $81.78 and its 200-day simple moving average is $80.02.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. As a group, analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal 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.