Oppenheimer Asset Management Inc. Sells 3,071 Shares of Globus Medical Inc (NYSE:GMED)

Oppenheimer Asset Management Inc. lowered its stake in shares of Globus Medical Inc (NYSE:GMED) by 43.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,973 shares of the medical device company’s stock after selling 3,071 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Globus Medical were worth $168,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GMED. Gabelli Funds LLC raised its holdings in Globus Medical by 0.5% in the 2nd quarter. Gabelli Funds LLC now owns 213,000 shares of the medical device company’s stock worth $9,010,000 after acquiring an additional 1,000 shares during the last quarter. WINTON GROUP Ltd raised its position in Globus Medical by 122.8% in the 2nd quarter. WINTON GROUP Ltd now owns 11,756 shares of the medical device company’s stock worth $497,000 after purchasing an additional 6,480 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in Globus Medical in the 2nd quarter worth about $280,000. THB Asset Management purchased a new position in shares of Globus Medical in the first quarter worth $215,000. Finally, Stevens Capital Management LP purchased a new position in shares of Globus Medical during the second quarter worth $1,223,000. Institutional investors own 67.89% of the company’s stock.

Shares of GMED traded down $0.07 during midday trading on Friday, hitting $51.70. The company’s stock had a trading volume of 6,455 shares, compared to its average volume of 498,998. Globus Medical Inc has a one year low of $38.01 and a one year high of $57.83. The company’s fifty day simple moving average is $49.06 and its two-hundred day simple moving average is $45.32. The stock has a market capitalization of $4.97 billion, a price-to-earnings ratio of 30.90, a price-to-earnings-growth ratio of 2.44 and a beta of 0.94.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, August 1st. The medical device company reported $0.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.41. Globus Medical had a net margin of 19.30% and a return on equity of 13.29%. The firm had revenue of $150.55 million during the quarter, compared to the consensus estimate of $184.93 million. During the same quarter in the previous year, the firm posted $0.44 EPS. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities analysts forecast that Globus Medical Inc will post 1.71 EPS for the current year.

In other Globus Medical news, Director David D. Davidar sold 50,000 shares of Globus Medical stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.33, for a total transaction of $2,466,500.00. Following the transaction, the director now owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kelly Huller sold 3,000 shares of Globus Medical stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $49.90, for a total value of $149,700.00. Following the transaction, the senior vice president now directly owns 9,384 shares in the company, valued at approximately $468,261.60. The disclosure for this sale can be found here. 24.97% of the stock is currently owned by insiders.

A number of equities research analysts have recently issued reports on GMED shares. ValuEngine raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 price objective for the company in a research report on Tuesday, August 6th. Wells Fargo & Co downgraded shares of Globus Medical from an “outperform” rating to a “market perform” rating and cut their price target for the company from $50.00 to $41.00 in a report on Friday, May 24th. Morgan Stanley set a $45.00 price objective on shares of Globus Medical and gave the company a “hold” rating in a research note on Wednesday, June 5th. Finally, Needham & Company LLC restated a “buy” rating and issued a $56.00 price target (up previously from $52.00) on shares of Globus Medical in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Globus Medical has an average rating of “Buy” and an average price target of $55.20.

Globus Medical Profile

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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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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