State of New Jersey Common Pension Fund D Grows Position in Globus Medical, Inc. $GMED

State of New Jersey Common Pension Fund D lifted its position in Globus Medical, Inc. (NYSE:GMED) by 0.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,092 shares of the medical device company’s stock after purchasing an additional 324 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Globus Medical were worth $2,248,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GMED. Larson Financial Group LLC grew its holdings in shares of Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock valued at $32,000 after purchasing an additional 393 shares during the period. Whittier Trust Co. grew its holdings in shares of Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 184 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in shares of Globus Medical by 202.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 383 shares during the period. Signaturefd LLC grew its holdings in shares of Globus Medical by 41.1% in the second quarter. Signaturefd LLC now owns 958 shares of the medical device company’s stock valued at $57,000 after purchasing an additional 279 shares during the period. Finally, Jones Financial Companies Lllp grew its holdings in shares of Globus Medical by 237.3% in the first quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company’s stock valued at $62,000 after purchasing an additional 598 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GMED shares. Royal Bank Of Canada set a $88.00 price objective on shares of Globus Medical in a report on Friday, October 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Morgan Stanley decreased their target price on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Finally, Wall Street Zen cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Seven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $84.55.

Insider Activity

In other news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED opened at $62.83 on Wednesday. The stock has a market capitalization of $8.49 billion, a PE ratio of 24.17, a P/E/G ratio of 1.73 and a beta of 1.12. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93. The company’s 50-day simple moving average is $59.39 and its 200-day simple moving average is $60.34.

Globus Medical (NYSE:GMED) last issued its quarterly 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 for the quarter, compared to analysts’ expectations of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.75 earnings per share. On average, sell-side analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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.