Godshalk Welsh Capital Management Inc. Sells 7,320 Shares of Globus Medical, Inc. (NYSE:GMED)

Godshalk Welsh Capital Management Inc. cut its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 11.7% during the 4th quarter, Holdings Channel reports. The firm owned 55,000 shares of the medical device company’s stock after selling 7,320 shares during the period. Globus Medical makes up 2.9% of Godshalk Welsh Capital Management Inc.’s holdings, making the stock its 6th largest holding. Godshalk Welsh Capital Management Inc.’s holdings in Globus Medical were worth $4,549,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Globus Medical by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock worth $898,548,000 after purchasing an additional 240,218 shares during the period. State Street Corp lifted its holdings in shares of Globus Medical by 2.3% during the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after acquiring an additional 81,371 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Globus Medical by 7.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock worth $231,946,000 after acquiring an additional 199,556 shares in the last quarter. Geode Capital Management LLC increased its stake in Globus Medical by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after acquiring an additional 21,935 shares during the last quarter. Finally, Geneva Capital Management LLC raised its position in Globus Medical by 13.6% during the fourth quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock valued at $150,188,000 after purchasing an additional 217,707 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Stifel Nicolaus raised their target price on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday, February 21st. Canaccord Genuity Group upped their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Roth Mkm lifted their target price on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Finally, Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their price target for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $97.09.

Globus Medical Price Performance

GMED opened at $74.34 on Thursday. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The company’s 50 day moving average price is $82.84 and its two-hundred day moving average price is $79.88. The firm has a market capitalization of $10.23 billion, a price-to-earnings ratio of 99.12, a PEG ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. As a group, equities research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 18.54% of the company’s stock.

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.