Teachers Retirement System of The State of Kentucky Sells 4,400 Shares of Globus Medical, Inc. (NYSE:GMED)

Teachers Retirement System of The State of Kentucky lessened its holdings in Globus Medical, Inc. (NYSE:GMED) by 10.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 39,435 shares of the medical device company’s stock after selling 4,400 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Globus Medical were worth $2,102,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Vestal Point Capital LP bought a new position in Globus Medical during the fourth quarter valued at $42,632,000. Millrace Asset Group Inc. bought a new position in Globus Medical in the fourth quarter worth about $2,103,000. Van ECK Associates Corp raised its holdings in Globus Medical by 82.6% in the fourth quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock worth $1,832,000 after purchasing an additional 15,552 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Globus Medical by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock worth $53,706,000 after purchasing an additional 60,060 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Globus Medical by 49.7% in the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after purchasing an additional 3,732,959 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Insider Activity

In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the firm’s 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 document filed with the SEC, which is accessible through this hyperlink. In other Globus Medical 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 transaction, the director now owns 566,275 shares in the company, valued at approximately $36,807,875. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $64.61, for a total value of $4,089,813.00. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Analyst Upgrades and Downgrades

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

Globus Medical Price Performance

Shares of NYSE:GMED opened at $66.52 on Friday. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $67.89. The firm has a market capitalization of $9.00 billion, a price-to-earnings ratio of 103.94, a price-to-earnings-growth ratio of 1.87 and a beta of 1.15. The business’s 50 day moving average price is $60.64 and its 200-day moving average price is $55.62.

Globus Medical (NYSE:GMED) last announced 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 business’s revenue was up 119.3% on a year-over-year basis. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.82 earnings per share for the current 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.