Thrivent Financial for Lutherans Has $41.93 Million Position in Globus Medical, Inc. (NYSE:GMED)

Thrivent Financial for Lutherans reduced its holdings in Globus Medical, Inc. (NYSE:GMED) by 3.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 612,163 shares of the medical device company’s stock after selling 21,478 shares during the quarter. Thrivent Financial for Lutherans owned about 0.45% of Globus Medical worth $41,927,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janney Montgomery Scott LLC grew its position in Globus Medical by 221.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 28,075 shares of the medical device company’s stock worth $1,496,000 after buying an additional 19,346 shares in the last quarter. Norges Bank acquired a new stake in Globus Medical during the fourth quarter worth about $95,537,000. Coldstream Capital Management Inc. grew its position in Globus Medical by 46.9% during the fourth quarter. Coldstream Capital Management Inc. now owns 6,070 shares of the medical device company’s stock worth $323,000 after buying an additional 1,939 shares in the last quarter. Corient Private Wealth LLC grew its position in Globus Medical by 2.8% during the fourth quarter. Corient Private Wealth LLC now owns 74,020 shares of the medical device company’s stock worth $3,945,000 after buying an additional 2,038 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in Globus Medical during the fourth quarter worth about $81,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Trading Up 0.1 %

NYSE:GMED opened at $70.64 on Monday. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $74.21. The firm has a 50 day moving average of $70.88 and a 200-day moving average of $63.61. The stock has a market capitalization of $9.56 billion, a P/E ratio of 110.38, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating 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 company had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter in the previous year, the company posted $0.63 earnings per share. Globus Medical’s quarterly revenue was up 115.9% compared to the same quarter last year. As a group, analysts forecast that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GMED. Barclays lifted their target price on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Truist Financial lifted their target price on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada lifted their target price on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. BTIG Research lifted their price objective on Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Finally, Morgan Stanley lifted their price objective on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus target price of $77.20.

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.