Comerica Bank Cuts Position in Globus Medical, Inc. (NYSE:GMED)

Comerica Bank decreased its holdings in Globus Medical, Inc. (NYSE:GMED) by 3.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 61,445 shares of the medical device company’s stock after selling 2,224 shares during the quarter. Comerica Bank’s holdings in Globus Medical were worth $5,082,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Globus Medical during the 4th quarter worth about $117,102,000. Raymond James Financial Inc. purchased a new stake in Globus Medical during the 4th quarter worth approximately $58,405,000. Marshall Wace LLP raised its holdings in shares of Globus Medical by 74.9% during the fourth quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company’s stock valued at $93,981,000 after acquiring an additional 486,756 shares during the last quarter. Kathmere Capital Management LLC acquired a new stake in shares of Globus Medical in the fourth quarter worth approximately $23,091,000. Finally, Vanguard Group Inc. boosted its stake in shares of Globus Medical by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock worth $898,548,000 after acquiring an additional 240,218 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Down 2.0 %

Shares of NYSE:GMED opened at $70.49 on Tuesday. The business has a 50-day moving average price of $73.14 and a 200 day moving average price of $80.11. Globus Medical, Inc. has a 12-month low of $50.00 and a 12-month high of $94.93. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 93.99, a PEG ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. As a group, equities research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

GMED has been the topic of a number of research reports. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Stifel Nicolaus boosted their price target on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Wells Fargo & Company cut their price objective on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Finally, Canaccord Genuity Group increased their price target on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $96.91.

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.