Globus Medical, Inc. $GMED Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 2.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,137,610 shares of the medical device company’s stock after selling 26,224 shares during the quarter. Bank of New York Mellon Corp’s holdings in Globus Medical were worth $67,142,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Corton Capital Inc. acquired a new stake in shares of Globus Medical during the second quarter valued at $237,000. South Dakota Investment Council lifted its holdings in Globus Medical by 6.5% in the 2nd quarter. South Dakota Investment Council now owns 56,421 shares of the medical device company’s stock valued at $3,330,000 after purchasing an additional 3,457 shares in the last quarter. Cambiar Investors LLC boosted its stake in shares of Globus Medical by 424.8% during the 2nd quarter. Cambiar Investors LLC now owns 172,399 shares of the medical device company’s stock worth $10,175,000 after purchasing an additional 139,548 shares during the last quarter. Geneva Capital Management LLC grew its holdings in shares of Globus Medical by 13.6% during the second quarter. Geneva Capital Management LLC now owns 2,082,788 shares of the medical device company’s stock worth $122,926,000 after buying an additional 249,141 shares in the last quarter. Finally, Terril Brothers Inc. raised its position in shares of Globus Medical by 7,653.0% in the second quarter. Terril Brothers Inc. now owns 253,910 shares of the medical device company’s stock valued at $14,986,000 after buying an additional 250,635 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GMED has been the topic of a number of analyst reports. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and raised their target price for the stock from $65.00 to $91.00 in a research report on Friday. Canaccord Genuity Group decreased their price objective on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded Globus Medical from a “hold” rating to a “buy” rating in a report on Saturday. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.82.

Globus Medical Stock Up 36.1%

GMED stock opened at $83.99 on Monday. The company has a market cap of $11.34 billion, a price-to-earnings ratio of 32.31, a PEG ratio of 1.68 and a beta of 1.15. The business has a fifty day simple moving average of $59.83 and a 200-day simple moving average of $59.85. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The firm had revenue of $769.05 million during the quarter, compared to the consensus estimate of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 earnings per share. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction that occurred on 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 owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.51% of the company’s stock.

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.