Globus Medical, Inc. (NYSE:GMED) Position Cut by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC reduced its holdings in Globus Medical, Inc. (NYSE:GMED) by 79.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,798 shares of the medical device company’s stock after selling 466,202 shares during the quarter. Los Angeles Capital Management LLC owned 0.09% of Globus Medical worth $6,491,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GMED. Vanguard Group Inc. lifted its position in Globus Medical by 49.7% in the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after purchasing an additional 3,732,959 shares during the period. Paradice Investment Management LLC bought a new position in Globus Medical during the third quarter valued at about $55,053,000. Bank of New York Mellon Corp grew its holdings in Globus Medical by 80.0% during the third quarter. Bank of New York Mellon Corp now owns 2,406,682 shares of the medical device company’s stock worth $119,492,000 after acquiring an additional 1,069,419 shares during the period. Nuance Investments LLC raised its position in Globus Medical by 36.8% in the third quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock worth $179,759,000 after acquiring an additional 974,693 shares in the last quarter. Finally, Burgundy Asset Management Ltd. raised its position in Globus Medical by 300.4% in the third quarter. Burgundy Asset Management Ltd. now owns 1,033,770 shares of the medical device company’s stock worth $51,327,000 after acquiring an additional 775,615 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $51.95 on Friday. The company’s fifty day moving average is $52.57 and its two-hundred day moving average is $51.22. The company has a market cap of $7.03 billion, a P/E ratio of 44.40, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $62.88. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business had revenue of $616.53 million for the quarter, compared to the consensus estimate of $608.21 million. During the same quarter in the previous year, the company posted $0.59 earnings per share. Globus Medical’s revenue for the quarter was up 124.6% compared to the same quarter last year. Equities analysts expect that Globus Medical, Inc. will post 2.69 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 24.30% of the stock is owned by insiders.

Analyst Ratings Changes

GMED has been the topic of several recent research reports. BTIG Research raised shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Monday, March 18th. Truist Financial upped their price target on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Finally, Stifel Nicolaus lifted their target price on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and an average target price of $66.33.

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.