Globus Medical, Inc. $GMED Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 2.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 43,378 shares of the medical device company’s stock after selling 869 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Globus Medical were worth $2,560,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Globus Medical by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company’s stock worth $798,545,000 after buying an additional 45,248 shares during the period. Burgundy Asset Management Ltd. lifted its holdings in shares of Globus Medical by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 2,801,747 shares of the medical device company’s stock valued at $205,088,000 after purchasing an additional 183,639 shares in the last quarter. Sculptor Capital LP lifted its holdings in shares of Globus Medical by 0.7% in the first quarter. Sculptor Capital LP now owns 2,092,838 shares of the medical device company’s stock valued at $153,196,000 after purchasing an additional 15,000 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Globus Medical by 331.9% in the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company’s stock valued at $147,949,000 after purchasing an additional 1,553,154 shares in the last quarter. Finally, Geneva Capital Management LLC lifted its holdings in shares of Globus Medical by 1.0% in the first quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company’s stock valued at $134,223,000 after purchasing an additional 17,810 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Shares of GMED opened at $55.14 on Friday. The company has a market capitalization of $7.45 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 1.51 and a beta of 1.16. The company’s 50 day simple moving average is $57.71 and its 200 day simple moving average is $62.55. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.10. The business had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.75 earnings per share. Equities analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on GMED shares. Canaccord Genuity Group reduced their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Wells Fargo & Company reduced their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Morgan Stanley reduced their price target on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Finally, Wall Street Zen raised shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.64.

Insider Activity

In related news, Director Ann D. Rhoads sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the transaction, the director owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 18.51% of the company’s stock.

About Globus Medical

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.