New York State Teachers Retirement System Decreases Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

New York State Teachers Retirement System lowered its position in shares of Globus Medical, Inc. (NYSE:GMED) by 0.4% in the third quarter, HoldingsChannel.com reports. The firm owned 77,577 shares of the medical device company’s stock after selling 300 shares during the quarter. New York State Teachers Retirement System’s holdings in Globus Medical were worth $5,550,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new position in shares of Globus Medical during the 3rd quarter worth about $27,000. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical in the second quarter valued at approximately $33,000. GAMMA Investing LLC raised its holdings in Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Globus Medical in the 2nd quarter valued at $52,000. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Globus Medical by 15.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after buying an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

GMED stock opened at $75.59 on Wednesday. The stock has a market capitalization of $10.24 billion, a PE ratio of 251.97, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The company has a fifty day moving average of $71.69 and a 200-day moving average of $68.06. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $76.13.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm’s revenue was up 115.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 earnings per share. Equities analysts forecast that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on GMED. Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. BTIG Research increased their price objective on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus price target of $77.78.

Insider Activity

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

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.