Globus Medical, Inc. (NYSE:GMED) Stock Position Lowered by Quarry LP

Quarry LP trimmed its position in shares of Globus Medical, Inc. (NYSE:GMED) by 36.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 821 shares of the medical device company’s stock after selling 475 shares during the period. Quarry LP’s holdings in Globus Medical were worth $44,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Aurora Investment Counsel acquired a new position in Globus Medical during the fourth quarter valued at $1,795,000. Boone Capital Management LLC lifted its position in shares of Globus Medical by 23.7% in the fourth quarter. Boone Capital Management LLC now owns 529,825 shares of the medical device company’s stock worth $28,234,000 after purchasing an additional 101,373 shares in the last quarter. Sirios Capital Management L P boosted its holdings in shares of Globus Medical by 69.2% during the fourth quarter. Sirios Capital Management L P now owns 368,771 shares of the medical device company’s stock worth $19,652,000 after purchasing an additional 150,820 shares during the period. Vestal Point Capital LP purchased a new position in Globus Medical during the fourth quarter valued at approximately $42,632,000. Finally, Burgundy Asset Management Ltd. increased its stake in Globus Medical by 64.2% in the 4th quarter. Burgundy Asset Management Ltd. now owns 1,697,552 shares of the medical device company’s stock valued at $90,463,000 after buying an additional 663,782 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $65.61 on Monday. The stock’s 50-day moving average is $59.24 and its 200-day moving average is $55.02. The company has a market cap of $8.88 billion, a P/E ratio of 102.52, a P/E/G ratio of 1.83 and a beta of 1.15. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $67.89.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The firm had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. During the same quarter last year, the firm posted $0.53 EPS. The company’s revenue was up 119.3% on a year-over-year basis. As a group, equities analysts predict that Globus Medical, Inc. will post 2.82 EPS for the current year.

Insider Buying and Selling at Globus Medical

In other news, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the transaction, the director now directly owns 566,275 shares of the company’s stock, valued at $36,807,875. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on GMED shares. Truist Financial boosted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $60.00 to $80.00 in a research report on Monday, May 20th. BTIG Research boosted their target price on shares of Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Finally, Stifel Nicolaus raised their price target on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $69.40.

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.