Public Employees Retirement Association of Colorado Raises Stake in Globus Medical, Inc. (NYSE:GMED)

Public Employees Retirement Association of Colorado increased its stake in Globus Medical, Inc. (NYSE:GMED) by 7.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 333,909 shares of the medical device company’s stock after purchasing an additional 22,624 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Globus Medical were worth $22,869,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Intech Investment Management LLC bought a new stake in Globus Medical in the 2nd quarter valued at about $359,000. Burgundy Asset Management Ltd. lifted its stake in shares of Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after buying an additional 35,054 shares in the last quarter. XTX Topco Ltd lifted its stake in shares of Globus Medical by 35.3% during the 2nd quarter. XTX Topco Ltd now owns 15,483 shares of the medical device company’s stock valued at $1,060,000 after buying an additional 4,043 shares in the last quarter. Palouse Capital Management Inc. bought a new position in Globus Medical in the 2nd quarter worth approximately $212,000. Finally, Hsbc Holdings PLC grew its stake in Globus Medical by 21.3% in the 2nd quarter. Hsbc Holdings PLC now owns 6,634 shares of the medical device company’s stock valued at $454,000 after buying an additional 1,163 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now directly owns 16,419 shares in the company, valued at approximately $1,149,330. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

Shares of GMED opened at $70.58 on Friday. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $74.21. The company has a market capitalization of $9.55 billion, a P/E ratio of 110.28, a P/E/G ratio of 1.91 and a beta of 1.17. The firm’s 50 day simple moving average is $70.88 and its 200 day simple moving average is $63.47.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter last year, the company posted $0.63 EPS. The business’s quarterly revenue was up 115.9% on a year-over-year basis. On average, equities analysts anticipate that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. BTIG Research raised their price target on Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Royal Bank of Canada lifted their target price on Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Morgan Stanley increased their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Finally, Truist Financial boosted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $77.20.

Globus Medical Company 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.