Covestor Ltd Sells 957 Shares of Globus Medical, Inc. (NYSE:GMED)

Covestor Ltd lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 72.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 358 shares of the medical device company’s stock after selling 957 shares during the quarter. Covestor Ltd’s holdings in Globus Medical were worth $26,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GMED. V Square Quantitative Management LLC acquired a new stake in Globus Medical during the 3rd quarter worth $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical during the 2nd quarter worth $33,000. Farther Finance Advisors LLC raised its stake in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares during the period. GAMMA Investing LLC raised its stake in Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after buying an additional 453 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in Globus Medical during the 2nd quarter worth $52,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on GMED. Canaccord Genuity Group lifted their price target on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Bank of America lifted their price target on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. Morgan Stanley lifted their price target on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Roth Mkm reissued a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Barclays lifted their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Stock Performance

NYSE:GMED opened at $81.10 on Friday. The stock has a market capitalization of $10.98 billion, a price-to-earnings ratio of 121.04, a PEG ratio of 1.97 and a beta of 1.17. The firm has a fifty day simple moving average of $73.14 and a two-hundred day simple moving average of $69.33. Globus Medical, Inc. has a 12 month low of $44.02 and a 12 month high of $84.87.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the company earned $0.57 earnings per share. The business’s revenue was up 63.1% on a year-over-year basis. Equities analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 5.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock worth $8,512,850 over the last three months. 18.54% of the stock is currently owned by 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.