Retirement Systems of Alabama Has $16.79 Million Stock Holdings in Globus Medical, Inc. $GMED

Retirement Systems of Alabama lessened its position in shares of Globus Medical, Inc. (NYSE:GMED) by 0.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 284,491 shares of the medical device company’s stock after selling 383 shares during the quarter. Retirement Systems of Alabama owned about 0.21% of Globus Medical worth $16,791,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its stake in Globus Medical by 20.3% in the first quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company’s stock valued at $111,000 after buying an additional 256 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Globus Medical by 12.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,770 shares of the medical device company’s stock valued at $276,000 after buying an additional 428 shares during the period. Illinois Municipal Retirement Fund acquired a new position in Globus Medical in the first quarter valued at about $587,000. Allspring Global Investments Holdings LLC acquired a new position in Globus Medical in the first quarter valued at about $753,000. Finally, New York State Teachers Retirement System lifted its stake in Globus Medical by 1.2% in the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company’s stock valued at $6,452,000 after buying an additional 1,027 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Price Performance

NYSE GMED opened at $60.51 on Friday. The firm has a market cap of $8.17 billion, a P/E ratio of 23.27, a P/E/G ratio of 1.68 and a beta of 1.12. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $94.93. The stock’s 50-day moving average is $59.37 and its 200-day moving average is $60.18.

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

Analysts Set New Price Targets

GMED has been the topic of several analyst reports. Wall Street Zen lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Morgan Stanley dropped their price target on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Finally, Stifel Nicolaus started coverage on Globus Medical in a research report on Tuesday. They set a “hold” rating and a $64.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $84.55.

Insider Activity

In related news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares in the company, valued at approximately $1,483,948.64. This trade represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 18.51% of the company’s stock.

Globus Medical Company 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.