New York State Common Retirement Fund Sells 77,412 Shares of Globus Medical, Inc. $GMED

New York State Common Retirement Fund trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 50.5% in the third quarter, Holdings Channel.com reports. The firm owned 75,837 shares of the medical device company’s stock after selling 77,412 shares during the quarter. New York State Common Retirement Fund’s holdings in Globus Medical were worth $4,343,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Boston Trust Walden Corp acquired a new stake in shares of Globus Medical in the 3rd quarter valued at about $67,891,000. Norges Bank acquired a new position in Globus Medical during the second quarter worth $68,038,000. Marshall Wace LLP boosted its holdings in Globus Medical by 89.7% during the second quarter. Marshall Wace LLP now owns 1,580,476 shares of the medical device company’s stock worth $93,280,000 after purchasing an additional 747,330 shares during the last quarter. Burgundy Asset Management Ltd. increased its stake in Globus Medical by 24.3% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 3,481,438 shares of the medical device company’s stock valued at $205,474,000 after buying an additional 679,691 shares during the last quarter. Finally, Sculptor Capital LP lifted its position in Globus Medical by 31.9% during the 2nd quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock worth $162,936,000 after buying an additional 667,850 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GMED shares. Wells Fargo & Company lifted their target price on Globus Medical from $66.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Barclays upped their price objective on Globus Medical from $106.00 to $114.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Morgan Stanley raised their target price on shares of Globus Medical from $70.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Canaccord Genuity Group increased their price target on shares of Globus Medical from $105.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Globus Medical in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $100.18.

Globus Medical Trading Up 0.5%

Shares of GMED opened at $87.93 on Friday. The stock has a market capitalization of $11.77 billion, a PE ratio of 28.36, a P/E/G ratio of 1.34 and a beta of 1.06. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $101.40. The firm’s 50 day moving average is $89.82 and its 200-day moving average is $72.57.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.39. The company had revenue of $769.05 million for the quarter, compared to analyst estimates of $734.58 million. Globus Medical had a return on equity of 11.52% and a net margin of 15.30%.Globus Medical’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 EPS. Equities research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In other news, Director David D. Davidar sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $86.00, for a total value of $2,150,000.00. Following the completion of the transaction, the director directly owned 516,275 shares in the company, valued at approximately $44,399,650. The trade was a 4.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Leslie V. Norwalk sold 2,000 shares of the stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the sale, the director owned 10,419 shares in the company, valued at $1,053,360.90. This represents a 16.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 83,636 shares of company stock worth $7,336,583. Corporate insiders own 18.51% of the company’s stock.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.