Barclays PLC Sells 439,883 Shares of Globus Medical, Inc. (NYSE:GMED)

Barclays PLC trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 82.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,601 shares of the medical device company’s stock after selling 439,883 shares during the quarter. Barclays PLC’s holdings in Globus Medical were worth $6,626,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new stake in shares of Globus Medical during the 2nd quarter valued at $611,000. Quest Partners LLC bought a new stake in Globus Medical during the third quarter valued at about $523,000. Intech Investment Management LLC increased its position in Globus Medical by 291.3% in the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after buying an additional 15,283 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Globus Medical in the third quarter worth about $2,709,000. Finally, AXA S.A. raised its stake in shares of Globus Medical by 0.5% in the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after buying an additional 7,443 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Price Performance

NYSE:GMED opened at $81.78 on Thursday. The business has a 50 day simple moving average of $79.54 and a 200-day simple moving average of $73.17. The firm has a market capitalization of $11.14 billion, a price-to-earnings ratio of 122.06, a PEG ratio of 1.99 and a beta of 1.19. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $87.22.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period last year, the company earned $0.57 EPS. As a group, analysts expect that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Piper Sandler raised their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Canaccord Genuity Group boosted their price objective on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, December 9th. BTIG Research increased their target price on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, Royal Bank of Canada boosted their price target on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.55.

Insider Transactions at Globus Medical

In other news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred on 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. Over the last ninety days, insiders have sold 97,500 shares of company stock worth $7,674,950. Insiders own 18.54% of the company’s stock.

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.