The Manufacturers Life Insurance Company Sells 66,888 Shares of Globus Medical, Inc. (NYSE:GMED)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,087,184 shares of the medical device company’s stock after selling 66,888 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.80% of Globus Medical worth $74,461,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of GMED. Treasurer of the State of North Carolina raised its holdings in Globus Medical by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 52,565 shares of the medical device company’s stock valued at $2,801,000 after acquiring an additional 520 shares in the last quarter. TFO Wealth Partners LLC lifted its position in Globus Medical by 251,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 5,030 shares of the medical device company’s stock worth $268,000 after purchasing an additional 5,028 shares during the period. Bank of Nova Scotia acquired a new stake in Globus Medical during the fourth quarter worth about $14,127,000. Eagle Asset Management Inc. grew its stake in Globus Medical by 5.4% during the fourth quarter. Eagle Asset Management Inc. now owns 282,909 shares of the medical device company’s stock worth $15,076,000 after buying an additional 14,398 shares in the last quarter. Finally, Alberta Investment Management Corp increased its holdings in Globus Medical by 2.7% in the 4th quarter. Alberta Investment Management Corp now owns 181,929 shares of the medical device company’s stock valued at $9,695,000 after buying an additional 4,785 shares during the period. 95.16% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Globus Medical Trading Up 0.1 %

NYSE:GMED opened at $70.61 on Friday. The stock’s 50-day moving average is $70.72 and its 200-day moving average is $64.03. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $74.21. The stock has a market cap of $9.56 billion, a P/E ratio of 110.33, a price-to-earnings-growth ratio of 1.97 and a beta of 1.17.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GMED shares. Truist Financial increased their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada raised 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. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $78.00 in a report on Wednesday, August 7th. Barclays raised their price objective on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $77.20.

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.