Handelsinvest Investeringsforvaltning Cuts Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Handelsinvest Investeringsforvaltning trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 34.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,740 shares of the medical device company’s stock after selling 1,942 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Globus Medical were worth $201,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Globus Medical by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after buying an additional 32,220 shares in the last quarter. Wellington Management Group LLP raised its stake in Globus Medical by 9.5% in the fourth quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after buying an additional 252,510 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Globus Medical by 12.2% in the third quarter. JPMorgan Chase & Co. now owns 2,131,868 shares of the medical device company’s stock worth $105,847,000 after buying an additional 231,773 shares in the last quarter. Norges Bank bought a new position in Globus Medical in the fourth quarter worth about $95,537,000. Finally, GW&K Investment Management LLC raised its stake in Globus Medical by 5.8% in the fourth quarter. GW&K Investment Management LLC now owns 1,759,983 shares of the medical device company’s stock worth $93,789,000 after buying an additional 96,713 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Stock Up 0.8 %

NYSE:GMED opened at $68.59 on Thursday. The company’s 50 day moving average price is $63.34 and its 200-day moving average price is $56.84. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $69.77. The stock has a market cap of $9.29 billion, a price-to-earnings ratio of 107.17, a PEG ratio of 1.90 and a beta of 1.15.

Globus Medical (NYSE:GMED) last posted its quarterly 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 firm 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. The business’s revenue for the quarter was up 119.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Globus Medical, Inc. will post 2.82 earnings per share for the current year.

Insider Buying and Selling

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 in the company, valued at $36,807,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David D. Davidar sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the completion of the transaction, the director now owns 566,275 shares in the company, valued at $36,807,875. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on GMED. Stifel Nicolaus increased their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Barclays raised their target price on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th. BTIG Research raised their target price on shares of Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. Finally, Piper Sandler raised shares of 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 note on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.40.

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.