CIBC Private Wealth Group LLC lowered its stake in Globus Medical Inc (NYSE:GMED) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,972 shares of the medical device company’s stock after selling 1,100 shares during the period. CIBC Private Wealth Group LLC’s holdings in Globus Medical were worth $778,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in GMED. Raymond James & Associates lifted its position in shares of Globus Medical by 52.3% in the 2nd quarter. Raymond James & Associates now owns 10,863 shares of the medical device company’s stock worth $548,000 after purchasing an additional 3,730 shares during the period. First Quadrant L P CA purchased a new stake in shares of Globus Medical in the 3rd quarter worth about $465,000. Public Employees Retirement Association of Colorado lifted its position in shares of Globus Medical by 167.4% in the 3rd quarter. Public Employees Retirement Association of Colorado now owns 4,343 shares of the medical device company’s stock worth $247,000 after purchasing an additional 2,719 shares during the period. AMS Capital Ltda purchased a new stake in shares of Globus Medical in the 3rd quarter worth about $1,005,000. Finally, Price Capital Management Inc. purchased a new stake in shares of Globus Medical in the 3rd quarter worth about $131,000. 66.71% of the stock is currently owned by institutional investors and hedge funds.
GMED has been the subject of several research analyst reports. Morgan Stanley cut shares of Globus Medical from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $64.00 to $49.00 in a research report on Wednesday, January 2nd. ValuEngine cut shares of Globus Medical from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 28th. Cantor Fitzgerald set a $60.00 target price on shares of Globus Medical and gave the stock a “buy” rating in a research report on Friday, January 18th. Zacks Investment Research cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Tuesday, January 8th. Finally, UBS Group initiated coverage on shares of Globus Medical in a research report on Wednesday, November 28th. They issued a “neutral” rating and a $55.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $56.08.
Shares of NYSE GMED opened at $47.62 on Wednesday. Globus Medical Inc has a 1 year low of $38.01 and a 1 year high of $57.83. The stock has a market cap of $4.71 billion, a P/E ratio of 36.35, a price-to-earnings-growth ratio of 2.20 and a beta of 0.82.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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