Commerce Bank Lowers Position in Globus Medical, Inc. (NYSE:GMED)

Commerce Bank trimmed its position in shares of Globus Medical, Inc. (NYSE:GMED) by 3.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,319 shares of the medical device company’s stock after selling 337 shares during the quarter. Commerce Bank’s holdings in Globus Medical were worth $738,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. raised 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 worth $172,245,000 after buying an additional 35,054 shares in the last quarter. Magnetar Financial LLC raised its position in Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after acquiring an additional 29,200 shares in the last quarter. Geneva Capital Management LLC lifted its holdings in Globus Medical by 1.1% in the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after acquiring an additional 18,117 shares during the period. AXA S.A. boosted its position in shares of Globus Medical by 0.5% during the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after purchasing an additional 7,443 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Globus Medical by 1,171.5% during the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock worth $93,409,000 after purchasing an additional 1,256,570 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Down 0.3 %

Shares of NYSE:GMED opened at $84.49 on Tuesday. The company has a market capitalization of $11.51 billion, a P/E ratio of 126.10, a P/E/G ratio of 2.02 and a beta of 1.17. Globus Medical, Inc. has a 52-week low of $44.02 and a 52-week high of $85.33. The stock’s fifty day simple moving average is $75.05 and its 200-day simple moving average is $71.04.

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

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Royal Bank of Canada raised their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Piper Sandler boosted their price target on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. BTIG Research upped their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Truist Financial lifted their price objective on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley upped their target price on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.18.

Insider Buying and Selling

In related 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. This represents a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,000 shares of company stock worth $8,512,850. 18.54% of the stock is owned by insiders.

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.