Oppenheimer Asset Management Inc. Reduces Position in Globus Medical, Inc. (NYSE:GMED)

Oppenheimer Asset Management Inc. lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 7.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,360 shares of the medical device company’s stock after selling 1,750 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Globus Medical were worth $1,671,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GMED. Geneva Capital Management LLC increased its holdings in shares of Globus Medical by 1.1% in the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares during the last quarter. Lisanti Capital Growth LLC raised its holdings in shares of Globus Medical by 68.4% during the 3rd quarter. Lisanti Capital Growth LLC now owns 24,915 shares of the medical device company’s stock worth $1,782,000 after acquiring an additional 10,120 shares during the period. River Global Investors LLP boosted its position in shares of Globus Medical by 0.7% during the 3rd quarter. River Global Investors LLP now owns 47,067 shares of the medical device company’s stock valued at $3,366,000 after acquiring an additional 331 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Globus Medical by 6.0% in the third quarter. Crossmark Global Holdings Inc. now owns 7,750 shares of the medical device company’s stock valued at $554,000 after purchasing an additional 436 shares during the period. Finally, Radnor Capital Management LLC acquired a new stake in Globus Medical during the third quarter worth about $2,144,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. 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 in the last quarter. 18.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. BTIG Research increased their price objective on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Piper Sandler lifted their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Barclays raised their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Stifel Nicolaus upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.18.

Globus Medical Stock Performance

NYSE GMED opened at $81.10 on Monday. The firm has a market cap of $10.98 billion, a price-to-earnings ratio of 121.04, a PEG ratio of 1.94 and a beta of 1.17. The firm has a 50 day simple moving average of $73.36 and a 200-day simple moving average of $69.82. Globus Medical, Inc. has a one year low of $44.02 and a one year high of $84.87.

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