National Asset Management Inc. bought a new stake in shares of Globus Medical Inc (NYSE:GMED) during the 1st quarter, Holdings Channel reports. The firm bought 6,437 shares of the medical device company’s stock, valued at approximately $319,000.
Other institutional investors have also made changes to their positions in the company. Investec Asset Management LTD acquired a new position in shares of Globus Medical during the 4th quarter valued at $64,761,000. Oregon Public Employees Retirement Fund increased its position in shares of Globus Medical by 4,284.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,250,619 shares of the medical device company’s stock valued at $29,000 after purchasing an additional 1,222,096 shares during the period. Norges Bank acquired a new position in shares of Globus Medical during the 4th quarter valued at $43,840,000. Janus Henderson Group PLC increased its position in shares of Globus Medical by 18.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,375,803 shares of the medical device company’s stock valued at $166,798,000 after purchasing an additional 527,049 shares during the period. Finally, Vanguard Group Inc increased its position in shares of Globus Medical by 3.4% during the 3rd quarter. Vanguard Group Inc now owns 6,735,494 shares of the medical device company’s stock valued at $382,306,000 after purchasing an additional 219,780 shares during the period. 66.45% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP Kelly Huller sold 3,000 shares of Globus Medical stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $48.59, for a total transaction of $145,770.00. Following the transaction, the senior vice president now owns 12,384 shares in the company, valued at $601,738.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Anthony L. Williams sold 212,082 shares of Globus Medical stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $46.83, for a total value of $9,931,800.06. Following the transaction, the president now owns 89,583 shares in the company, valued at approximately $4,195,171.89. The disclosure for this sale can be found here. Insiders sold a total of 426,852 shares of company stock worth $20,061,774 over the last 90 days. Insiders own 24.97% of the company’s stock.
Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, May 2nd. The medical device company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.05). The company had revenue of $182.90 million during the quarter, compared to analyst estimates of $186.59 million. Globus Medical had a return on equity of 14.09% and a net margin of 20.81%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 earnings per share. Analysts anticipate that Globus Medical Inc will post 1.72 earnings per share for the current fiscal year.
Several brokerages have recently issued reports on GMED. Wells Fargo & Co cut Globus Medical from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $50.00 to $41.00 in a research report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target (down from $57.00) on shares of Globus Medical in a research report on Friday, May 3rd. Zacks Investment Research upgraded Globus Medical from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research report on Wednesday, April 24th. Oppenheimer reiterated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 19th. Finally, ValuEngine cut Globus Medical from a “buy” rating to a “hold” rating in a research report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Globus Medical has a consensus rating of “Buy” and an average price target of $54.91.
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About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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