Probity Advisors Inc. Invests $212,000 in Globus Medical, Inc. $GMED

Probity Advisors Inc. acquired a new position in shares of Globus Medical, Inc. (NYSE:GMED) in the 2nd quarter, Holdings Channel reports. The fund acquired 3,593 shares of the medical device company’s stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Globus Medical during the second quarter worth about $1,647,000. William Blair Investment Management LLC grew its holdings in shares of Globus Medical by 5.8% during the second quarter. William Blair Investment Management LLC now owns 2,405,031 shares of the medical device company’s stock worth $141,945,000 after purchasing an additional 131,244 shares in the last quarter. Angeles Wealth Management LLC grew its holdings in shares of Globus Medical by 38.1% during the second quarter. Angeles Wealth Management LLC now owns 5,039 shares of the medical device company’s stock worth $297,000 after purchasing an additional 1,389 shares in the last quarter. Bayforest Capital Ltd grew its holdings in shares of Globus Medical by 22.0% during the second quarter. Bayforest Capital Ltd now owns 6,170 shares of the medical device company’s stock worth $364,000 after purchasing an additional 1,111 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its holdings in shares of Globus Medical by 148.2% during the second quarter. Verdence Capital Advisors LLC now owns 13,770 shares of the medical device company’s stock worth $813,000 after purchasing an additional 8,223 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GMED. Wells Fargo & Company cut their price objective on Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Wall Street Zen lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Canaccord Genuity Group cut their price objective on Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, July 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $87.27.

Insider Transactions at Globus Medical

In other news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the sale, the director owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Price Performance

Shares of GMED opened at $62.82 on Wednesday. The firm has a market cap of $8.48 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.69 and a beta of 1.12. The stock has a 50 day simple moving average of $59.22 and a two-hundred day simple moving average of $60.71. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. The business had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. On average, equities analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical Company 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.