California Public Employees Retirement System Purchases 69,615 Shares of Globus Medical Inc (NYSE:GMED)

California Public Employees Retirement System increased its position in shares of Globus Medical Inc (NYSE:GMED) by 67.7% during the third quarter, HoldingsChannel.com reports. The fund owned 172,449 shares of the medical device company’s stock after acquiring an additional 69,615 shares during the period. California Public Employees Retirement System’s holdings in Globus Medical were worth $8,816,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Financial Gravity Wealth Inc. purchased a new position in Globus Medical in the 2nd quarter worth approximately $25,000. Steward Partners Investment Advisory LLC purchased a new position in Globus Medical in the 2nd quarter worth approximately $26,000. Advisory Services Network LLC grew its stake in Globus Medical by 620.0% in the 2nd quarter. Advisory Services Network LLC now owns 792 shares of the medical device company’s stock worth $34,000 after buying an additional 682 shares in the last quarter. Oakworth Capital Inc. purchased a new position in Globus Medical in the 2nd quarter worth approximately $38,000. Finally, Quest Capital Management Inc. ADV purchased a new position in Globus Medical in the 3rd quarter worth approximately $45,000. 68.40% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director David D. Davidar sold 38,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $54.00, for a total value of $2,052,000.00. Following the completion of the sale, the director now owns 666,775 shares of the company’s stock, valued at approximately $36,005,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kelly Huller sold 3,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $52.90, for a total transaction of $158,700.00. Following the completion of the sale, the senior vice president now directly owns 6,384 shares of the company’s stock, valued at approximately $337,713.60. The disclosure for this sale can be found here. Insiders sold a total of 94,000 shares of company stock valued at $4,844,900 in the last ninety days. 24.97% of the stock is owned by corporate insiders.

A number of research firms have commented on GMED. Morgan Stanley boosted their price target on shares of Globus Medical from $45.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Piper Jaffray Companies boosted their price target on shares of Globus Medical from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Canaccord Genuity boosted their price target on shares of Globus Medical from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Cantor Fitzgerald boosted their price target on shares of Globus Medical from $55.00 to $64.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Finally, ValuEngine raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $59.00.

Shares of Globus Medical stock opened at $54.61 on Thursday. Globus Medical Inc has a 52-week low of $38.01 and a 52-week high of $56.34. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of 32.70, a price-to-earnings-growth ratio of 2.89 and a beta of 0.95. The company has a fifty day moving average of $51.33 and a 200-day moving average of $46.63.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, November 6th. The medical device company reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. Globus Medical had a net margin of 19.03% and a return on equity of 13.09%. The company had revenue of $196.22 million during the quarter, compared to analysts’ expectations of $185.86 million. During the same quarter in the prior year, the company earned $0.39 EPS. The firm’s revenue was up 15.9% on a year-over-year basis. On average, analysts predict that Globus Medical Inc will post 1.72 earnings per share for the current year.

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

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