Leeward Investments LLC MA Reduces Stock Position in Globus Medical, Inc. (NYSE:GMED)

Leeward Investments LLC MA decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 0.4% during the third quarter, HoldingsChannel reports. The fund owned 233,857 shares of the medical device company’s stock after selling 868 shares during the quarter. Leeward Investments LLC MA’s holdings in Globus Medical were worth $16,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in GMED. Swedbank AB lifted its holdings in Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after purchasing an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Globus Medical by 17.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after purchasing an additional 172,605 shares in the last quarter. GSA Capital Partners LLP bought a new position in Globus Medical in the 1st quarter valued at $429,000. State Board of Administration of Florida Retirement System increased its holdings in shares of Globus Medical by 12.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after purchasing an additional 9,754 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in Globus Medical during the second quarter valued at $611,000. 95.16% of the stock is owned by institutional investors.

Insider Activity

In related news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

GMED stock opened at $82.70 on Thursday. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $84.87. The firm has a market capitalization of $11.20 billion, a price-to-earnings ratio of 275.67, a PEG ratio of 2.06 and a beta of 1.17. The firm has a 50 day moving average price of $71.92 and a 200-day moving average price of $68.16.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same period in the prior year, the firm earned $0.57 EPS. The company’s revenue was up 63.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on GMED. Piper Sandler raised their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday. BTIG Research increased their price objective on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Morgan Stanley boosted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Stifel Nicolaus upped their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Barclays boosted their price target on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $87.09.

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.