Globus Medical, Inc. (NYSE:GMED) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its stake in Globus Medical, Inc. (NYSE:GMED) by 5.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 74,793 shares of the medical device company’s stock after selling 4,064 shares during the quarter. Amalgamated Bank owned about 0.05% of Globus Medical worth $3,986,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Commonwealth Equity Services LLC increased its position in Globus Medical by 75.3% during the third quarter. Commonwealth Equity Services LLC now owns 10,424 shares of the medical device company’s stock worth $518,000 after purchasing an additional 4,476 shares during the last quarter. New York State Teachers Retirement System grew its position in Globus Medical by 61.2% in the third quarter. New York State Teachers Retirement System now owns 90,974 shares of the medical device company’s stock worth $4,517,000 after acquiring an additional 34,522 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Globus Medical by 52.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,993 shares of the medical device company’s stock worth $1,191,000 after acquiring an additional 8,206 shares during the last quarter. Advisor Partners II LLC purchased a new stake in Globus Medical in the third quarter valued at $441,000. Finally, Park Avenue Securities LLC acquired a new position in shares of Globus Medical in the 3rd quarter valued at $331,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on GMED. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Truist Financial boosted their target price on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. BTIG Research upped their price target on Globus Medical from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday. Stifel Nicolaus upped their price target on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Piper Sandler upped their price target on Globus Medical from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $66.60.

Insider Activity at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the transaction, the director now owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 24.30% of the stock is currently owned by corporate insiders.

Globus Medical Stock Up 20.0 %

Globus Medical stock opened at $61.61 on Thursday. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $65.74. The stock’s fifty day simple moving average is $52.50 and its 200-day simple moving average is $51.26. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $8.34 billion, a P/E ratio of 52.66, a P/E/G ratio of 1.53 and a beta of 1.11.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. During the same quarter in the prior year, the company earned $0.53 earnings per share. The company’s revenue was up 119.3% on a year-over-year basis. As a group, equities analysts expect that Globus Medical, Inc. will post 2.69 earnings per share for the current fiscal 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.