Magnetar Financial LLC Has $117.70 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Magnetar Financial LLC increased its holdings in Globus Medical, Inc. (NYSE:GMED) by 1.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,718,487 shares of the medical device company’s stock after acquiring an additional 29,200 shares during the quarter. Globus Medical makes up about 2.5% of Magnetar Financial LLC’s investment portfolio, making the stock its 6th largest position. Magnetar Financial LLC owned approximately 1.27% of Globus Medical worth $117,699,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GMED. Vestal Point Capital LP purchased a new position in shares of Globus Medical in the 4th quarter worth approximately $42,632,000. Millrace Asset Group Inc. acquired a new position in Globus Medical in the 4th quarter worth approximately $2,103,000. Leeward Investments LLC MA lifted its stake in Globus Medical by 27.6% during the 1st quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock valued at $11,918,000 after acquiring an additional 48,047 shares during the period. Van ECK Associates Corp boosted its holdings in Globus Medical by 33.0% in the first quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock valued at $2,453,000 after purchasing an additional 11,359 shares during the last quarter. Finally, Swedbank AB grew its position in Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after purchasing an additional 50,000 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Up 0.1 %

Globus Medical stock opened at $70.64 on Monday. The company has a fifty day simple moving average of $70.88 and a 200-day simple moving average of $63.61. The firm has a market capitalization of $9.56 billion, a price-to-earnings ratio of 110.38, a PEG ratio of 1.91 and a beta of 1.17. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $74.21.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The business 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 business’s revenue was up 115.9% on a year-over-year basis. During the same period last year, the company posted $0.63 EPS. On average, research analysts anticipate that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s 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 owns 42,884 shares in the company, valued at $3,017,318.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following 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. Corporate insiders own 18.54% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Truist Financial upped their target price on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Royal Bank of Canada lifted their target price 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. Morgan Stanley increased their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Finally, Barclays raised their price objective on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to 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.