Globus Medical, Inc. $GMED Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. cut its holdings in Globus Medical, Inc. (NYSE:GMED) by 21.8% during the second quarter, Holdings Channel reports. The institutional investor owned 23,957 shares of the medical device company’s stock after selling 6,685 shares during the quarter. Bessemer Group Inc.’s holdings in Globus Medical were worth $1,413,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Invesco Ltd. lifted its holdings in 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 acquiring an additional 1,553,154 shares during the period. Nuveen LLC purchased a new position in shares of Globus Medical in the 1st quarter valued at about $54,669,000. Truist Financial Corp increased its holdings in shares of Globus Medical by 640.7% in the 1st quarter. Truist Financial Corp now owns 508,318 shares of the medical device company’s stock valued at $37,209,000 after purchasing an additional 439,693 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Globus Medical by 60.1% in the first quarter. Driehaus Capital Management LLC now owns 873,784 shares of the medical device company’s stock valued at $63,961,000 after purchasing an additional 328,040 shares during the period. Finally, Fiera Capital Corp purchased a new stake in Globus Medical during the first quarter worth about $19,514,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

Globus Medical stock opened at $60.73 on Friday. 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 market capitalization of $8.20 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 1.68 and a beta of 1.12. The stock has a fifty day moving average of $59.41 and a two-hundred day moving average of $60.27.

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

Analysts Set New Price Targets

GMED has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Canaccord Genuity Group lowered their price target on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Stifel Nicolaus initiated coverage on Globus Medical in a research report on Tuesday. They set a “hold” rating and a $64.00 target price on the stock. Finally, Morgan Stanley lowered their target price 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 investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus price target of $84.55.

Insider Activity

In other news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the sale, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 18.51% of the stock is owned by corporate insiders.

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.