Los Angeles Capital Management LLC Reduces Position in Globus Medical, Inc. (NYSE:GMED)

Los Angeles Capital Management LLC lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 96.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,709 shares of the medical device company’s stock after selling 117,089 shares during the period. Los Angeles Capital Management LLC’s holdings in Globus Medical were worth $253,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale acquired a new position in shares of Globus Medical in the 3rd quarter valued at $28,000. Allworth Financial LP lifted its stake in shares of Globus Medical by 25.7% in the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after purchasing an additional 254 shares during the period. Quest Partners LLC acquired a new position in shares of Globus Medical in the 4th quarter valued at $81,000. HighPoint Advisor Group LLC acquired a new position in shares of Globus Medical in the 4th quarter valued at $201,000. Finally, Moody National Bank Trust Division acquired a new position in shares of Globus Medical in the 1st quarter valued at $233,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GMED shares. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $80.00 in a report on Monday, May 20th. Barclays boosted their price target on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Stifel Nicolaus boosted their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Finally, BTIG Research boosted their price target on shares of Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.40.

Insider Transactions at Globus Medical

In other news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the sale, the director now owns 566,275 shares of the company’s stock, valued at $36,807,875. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

NYSE GMED opened at $68.85 on Friday. The firm’s 50-day moving average is $61.96 and its two-hundred day moving average is $56.25. Globus Medical, Inc. has a 12 month low of $43.38 and a 12 month high of $68.94. The stock has a market capitalization of $9.32 billion, a P/E ratio of 107.58, a PEG ratio of 1.88 and a beta of 1.15.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The company had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. During the same quarter in the prior year, the company posted $0.53 earnings per share. Globus Medical’s revenue for the quarter was up 119.3% compared to the same quarter last year. As a group, analysts anticipate that Globus Medical, Inc. will post 2.82 EPS 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.