Federated Hermes Inc. Sells 1,863 Shares of Globus Medical, Inc. (NYSE:GMED)

Federated Hermes Inc. trimmed its stake in Globus Medical, Inc. (NYSE:GMED) by 14.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,437 shares of the medical device company’s stock after selling 1,863 shares during the period. Federated Hermes Inc.’s holdings in Globus Medical were worth $783,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of GMED. Vestal Point Capital LP purchased a new stake in Globus Medical in the fourth quarter worth about $42,632,000. Millrace Asset Group Inc. purchased a new stake in Globus Medical in the 4th quarter worth approximately $2,103,000. Leeward Investments LLC MA increased its holdings 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 acquiring an additional 48,047 shares in the last quarter. Van ECK Associates Corp raised its stake in Globus Medical by 33.0% during the 1st quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock worth $2,453,000 after acquiring an additional 11,359 shares during the period. Finally, Swedbank AB lifted its holdings in Globus Medical by 15.4% during the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after purchasing an additional 50,000 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $60.00 to $78.00 in a research note on Wednesday, August 7th. Barclays raised their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Royal Bank of Canada upped their price objective on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. BTIG Research increased their target price on Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, Truist Financial boosted their price target on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.

Globus Medical Stock Performance

NYSE GMED opened at $70.64 on Monday. The stock has a 50 day moving average price of $70.88 and a 200-day moving average price of $63.61. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $74.21. The company has a market capitalization of $9.56 billion, a P/E ratio of 110.38, a P/E/G ratio of 1.91 and a beta of 1.17.

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. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same period last year, the company posted $0.63 EPS. The business’s revenue was up 115.9% on a year-over-year basis. As a group, equities analysts predict that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

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.