Globus Medical, Inc. $GMED Shares Purchased by South Dakota Investment Council

South Dakota Investment Council boosted its holdings in Globus Medical, Inc. (NYSE:GMED) by 6.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,421 shares of the medical device company’s stock after purchasing an additional 3,457 shares during the quarter. South Dakota Investment Council’s holdings in Globus Medical were worth $3,330,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its stake in Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock valued at $32,000 after purchasing an additional 393 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Globus Medical by 202.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 383 shares during the last quarter. Whittier Trust Co. increased its stake in Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 184 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Globus Medical by 237.3% in the first quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company’s stock valued at $62,000 after purchasing an additional 598 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its stake in Globus Medical by 30.9% during the first quarter. First Horizon Advisors Inc. now owns 872 shares of the medical device company’s stock worth $64,000 after acquiring an additional 206 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction on 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 sale, the director owned 25,384 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 18.51% of the company’s stock.

Analysts Set New Price Targets

GMED has been the subject of several research analyst reports. Stifel Nicolaus initiated coverage on Globus Medical in a research note on Tuesday, October 28th. They set a “hold” rating and a $64.00 price target for the company. Wells Fargo & Company lowered their target price on Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Wall Street Zen lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Canaccord Genuity Group reduced their target price on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Finally, Morgan Stanley cut their price target on Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and a consensus target price of $84.55.

Globus Medical Stock Up 1.4%

Shares of NYSE GMED opened at $61.21 on Tuesday. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 23.54, a PEG ratio of 1.68 and a beta of 1.12. The stock’s fifty day simple moving average is $59.36 and its 200 day simple moving average is $59.95. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 EPS. As a group, analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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.