Mutual of America Capital Management LLC Lowers Stock Position in Globus Medical, Inc. (NYSE:GMED)

Mutual of America Capital Management LLC cut its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 5.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 61,060 shares of the medical device company’s stock after selling 3,425 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Globus Medical were worth $4,368,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Sheaff Brock Investment Advisors LLC boosted its position in Globus Medical by 0.8% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock worth $2,792,000 after purchasing an additional 321 shares during the period. KBC Group NV boosted its position in Globus Medical by 0.5% during the 3rd quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock worth $3,255,000 after purchasing an additional 237 shares during the period. Geneva Capital Management LLC boosted its position in Globus Medical by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after purchasing an additional 18,117 shares during the period. Lisanti Capital Growth LLC boosted its position in Globus Medical by 68.4% during the 3rd quarter. Lisanti Capital Growth LLC now owns 24,915 shares of the medical device company’s stock worth $1,782,000 after purchasing an additional 10,120 shares during the period. Finally, River Global Investors LLP boosted its position in Globus Medical by 0.7% during the 3rd quarter. River Global Investors LLP now owns 47,067 shares of the medical device company’s stock worth $3,366,000 after purchasing an additional 331 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GMED has been the subject of a number of research reports. Morgan Stanley upped their price target on shares of Globus Medical from $74.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. BTIG Research upped their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Bank of America upped their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, November 6th. Royal Bank of Canada upped their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Finally, StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $88.18.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $84.97 on Friday. The firm has a market cap of $11.57 billion, a PE ratio of 126.82, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. The firm’s 50-day simple moving average is $74.46 and its 200-day simple moving average is $70.45. Globus Medical, Inc. has a 1 year low of $44.02 and a 1 year high of $85.01.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. On average, equities analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insiders Place Their Bets

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,512,850 over the last quarter. 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.