Thrivent Financial for Lutherans Sells 458,403 Shares of Globus Medical, Inc. $GMED

Thrivent Financial for Lutherans trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 65.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 246,644 shares of the medical device company’s stock after selling 458,403 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Globus Medical were worth $14,557,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 197 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in Globus Medical in the 2nd quarter worth about $28,000. CENTRAL TRUST Co purchased a new position in Globus Medical in the 2nd quarter worth about $39,000. Headlands Technologies LLC lifted its stake in Globus Medical by 485.4% during the 2nd quarter. Headlands Technologies LLC now owns 761 shares of the medical device company’s stock valued at $45,000 after acquiring an additional 631 shares during the period. Finally, Signaturefd LLC lifted its stake in Globus Medical by 41.1% during the 2nd quarter. Signaturefd LLC now owns 958 shares of the medical device company’s stock valued at $57,000 after acquiring an additional 279 shares during the period. Institutional investors own 95.16% of the company’s stock.

Insider Transactions at Globus Medical

In related news, CFO Kyle Kline sold 18,542 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $90.00, for a total transaction of $1,668,780.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 8,000 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $81.00, for a total value of $648,000.00. Following the completion of the sale, the director owned 17,384 shares of the company’s stock, valued at approximately $1,408,104. This represents a 31.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 86,042 shares of company stock valued at $7,419,030 in the last 90 days. Company insiders own 18.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GMED shares. Morgan Stanley lifted their price target on shares of Globus Medical from $70.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. Wall Street Zen downgraded shares of Globus Medical from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Stifel Nicolaus initiated coverage on shares of Globus Medical in a research note on Tuesday, October 28th. They set a “hold” rating and a $64.00 target price for the company. Truist Financial reissued a “buy” rating and set a $105.00 price target (up from $93.00) on shares of Globus Medical in a report on Tuesday, November 18th. Finally, Barclays lifted their price objective on Globus Medical from $106.00 to $114.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $90.56.

Globus Medical Stock Performance

GMED opened at $85.80 on Wednesday. The stock has a market capitalization of $11.48 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 1.60 and a beta of 1.07. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The company has a fifty day moving average of $75.51 and a 200 day moving average of $64.22.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, beating the consensus estimate of $0.79 by $0.39. Globus Medical had a net margin of 15.30% and a return on equity of 11.52%. The business had revenue of $769.05 million during the quarter, compared to the consensus estimate of $734.58 million. During the same quarter in the prior year, the firm earned $0.83 EPS. The business’s revenue was up 22.9% on a year-over-year basis. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. On average, equities research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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.