Cannell & Spears LLC Cuts Position in Globus Medical, Inc. (NYSE:GMED)

Cannell & Spears LLC trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 43.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,079 shares of the medical device company’s stock after selling 10,682 shares during the period. Cannell & Spears LLC’s holdings in Globus Medical were worth $1,164,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GMED. Alliancebernstein L.P. raised its stake in shares of Globus Medical by 14.2% in the 4th quarter. Alliancebernstein L.P. now owns 173,501 shares of the medical device company’s stock valued at $14,350,000 after acquiring an additional 21,516 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in Globus Medical by 290.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 18,823 shares of the medical device company’s stock valued at $1,557,000 after purchasing an additional 14,000 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in Globus Medical by 8,104.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 136,845 shares of the medical device company’s stock valued at $11,844,000 after purchasing an additional 135,177 shares during the period. Okabena Investment Services Inc. acquired a new position in shares of Globus Medical during the fourth quarter worth about $644,000. Finally, Norges Bank purchased a new stake in shares of Globus Medical in the fourth quarter worth about $117,102,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.54% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently commented on GMED. Canaccord Genuity Group boosted their price target on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Truist Financial reduced their target price on shares of Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Wells Fargo & Company dropped their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Finally, BTIG Research lifted their target price on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $97.09.

Globus Medical Stock Up 0.9 %

Shares of Globus Medical stock opened at $73.18 on Tuesday. The business has a 50-day moving average price of $81.78 and a 200 day moving average price of $80.02. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The firm has a market cap of $10.07 billion, a P/E ratio of 97.57, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. The company had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. As a group, equities research analysts anticipate 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.