VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 27,910 Globus Medical, Inc. $GMED

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Globus Medical, Inc. (NYSE:GMED) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,910 shares of the medical device company’s stock, valued at approximately $1,647,000.

Other hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock valued at $30,000 after purchasing an additional 240 shares during the last quarter. Larson Financial Group LLC boosted its holdings 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. Whittier Trust Co. boosted its holdings 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. Caitong International Asset Management Co. Ltd boosted its holdings 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. Finally, Signaturefd LLC boosted its holdings in Globus Medical by 41.1% in the second quarter. Signaturefd LLC now owns 958 shares of the medical device company’s stock valued at $57,000 after purchasing an additional 279 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GMED. Morgan Stanley lowered their target price on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 15th. Wells Fargo & Company reduced their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Canaccord Genuity Group reduced their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, July 22nd. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Finally, Royal Bank Of Canada set a $88.00 price target on shares of Globus Medical in a research report on Friday, October 10th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $87.27.

Globus Medical Trading Down 0.6%

GMED stock opened at $62.34 on Thursday. The company has a market cap of $8.42 billion, a price-to-earnings ratio of 23.98, a PEG ratio of 1.72 and a beta of 1.12. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The firm has a 50-day moving average of $59.21 and a two-hundred day moving average of $60.72.

Globus Medical (NYSE:GMED) last released 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 company had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. Globus Medical’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 EPS. As a group, equities analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the sale, the director owned 25,384 shares in the company, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 18.51% of the company’s stock.

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.