Globus Medical, Inc. (NYSE:GMED) Shares Sold by American International Group Inc.

American International Group Inc. cut its position in Globus Medical, Inc. (NYSE:GMED) by 5.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,148 shares of the medical device company’s stock after selling 9,522 shares during the quarter. American International Group Inc. owned 0.11% of Globus Medical worth $8,321,000 as of its most recent filing with the Securities and Exchange Commission.

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

Globus Medical Price Performance

GMED opened at $67.02 on Thursday. The stock has a market cap of $9.07 billion, a P/E ratio of 104.72, a P/E/G ratio of 1.86 and a beta of 1.15. The stock’s 50 day simple moving average is $60.05 and its 200 day simple moving average is $55.40. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $67.89.

Globus Medical (NYSE:GMED) last posted 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 in the prior year, the company earned $0.53 EPS. Globus Medical’s revenue was up 119.3% on a year-over-year basis. Research analysts expect that Globus Medical, Inc. will post 2.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Barclays lifted their price target on Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Stifel Nicolaus lifted their price target on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. BTIG Research boosted their target price on Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Finally, Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $60.00 to $80.00 in a report on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and an average price target of $69.40.

Insiders Place Their Bets

In related news, Director David D. Davidar sold 20,000 shares of the 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 transaction, the director now directly owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David D. Davidar sold 20,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the sale, the director now owns 566,275 shares of the company’s stock, valued at $36,807,875. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

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.