State of New Jersey Common Pension Fund D Reduces Stake in Globus Medical, Inc. (NYSE:GMED)

State of New Jersey Common Pension Fund D trimmed its position in shares of Globus Medical, Inc. (NYSE:GMED) by 28.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 42,082 shares of the medical device company’s stock after selling 16,826 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Globus Medical were worth $2,882,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Vestal Point Capital LP acquired a new stake in Globus Medical during the 4th quarter valued at $42,632,000. Millrace Asset Group Inc. purchased a new position in shares of Globus Medical during the 4th quarter worth $2,103,000. Leeward Investments LLC MA boosted its stake in Globus Medical by 27.6% in the 1st quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after buying an additional 48,047 shares during the last quarter. Van ECK Associates Corp grew its holdings in Globus Medical by 33.0% in the 1st quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock valued at $2,453,000 after buying an additional 11,359 shares during the period. Finally, Swedbank AB increased its stake in shares of Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after acquiring an additional 50,000 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Up 0.3 %

GMED opened at $69.58 on Thursday. The firm has a market capitalization of $9.42 billion, a P/E ratio of 108.72, a P/E/G ratio of 1.91 and a beta of 1.17. The firm’s 50 day moving average is $70.89 and its 200-day moving average is $63.32. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $74.21.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million for the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm’s revenue was up 115.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.63 EPS. Equities analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Analysts Set New Price Targets

GMED has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Barclays boosted their target price on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Finally, Royal Bank of Canada raised their price target on shares of Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $77.20.

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.