Compass Ion Advisors LLC Cuts Holdings in Globus Medical, Inc. (NYSE:GMED)

Compass Ion Advisors LLC reduced its position in shares of Globus Medical, Inc. (NYSE:GMED) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,610 shares of the medical device company’s stock after selling 2,045 shares during the quarter. Compass Ion Advisors LLC’s holdings in Globus Medical were worth $1,964,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Envestnet Asset Management Inc. increased its holdings in Globus Medical by 48.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 189,814 shares of the medical device company’s stock worth $9,424,000 after acquiring an additional 62,202 shares in the last quarter. Invesco Ltd. raised its position in shares of Globus Medical by 63.8% during the 3rd quarter. Invesco Ltd. now owns 313,337 shares of the medical device company’s stock worth $15,557,000 after purchasing an additional 122,039 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Globus Medical by 612.1% during the 3rd quarter. Hsbc Holdings PLC now owns 33,449 shares of the medical device company’s stock worth $1,673,000 after purchasing an additional 28,752 shares during the last quarter. LPL Financial LLC lifted its stake in Globus Medical by 12.6% in the 3rd quarter. LPL Financial LLC now owns 70,752 shares of the medical device company’s stock valued at $3,513,000 after buying an additional 7,926 shares in the last quarter. Finally, Stifel Financial Corp boosted its holdings in Globus Medical by 907.5% in the 3rd quarter. Stifel Financial Corp now owns 47,222 shares of the medical device company’s stock worth $2,345,000 after buying an additional 42,535 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Price Performance

NYSE:GMED opened at $68.49 on Monday. The company’s 50-day moving average is $62.32 and its two-hundred day moving average is $56.51. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $69.12. The firm has a market capitalization of $9.27 billion, a price-to-earnings ratio of 107.02, a PEG ratio of 1.91 and a beta of 1.15.

Globus Medical (NYSE:GMED) last released its quarterly earnings data 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. The firm had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The firm’s quarterly revenue was up 119.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.53 earnings per share. As a group, equities analysts anticipate that Globus Medical, Inc. will post 2.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

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

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.