Hennion & Walsh Asset Management Inc. Reduces Holdings in Globus Medical, Inc. (NYSE:GMED)

Hennion & Walsh Asset Management Inc. lowered its stake in Globus Medical, Inc. (NYSE:GMED) by 12.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 4,493 shares of the medical device company’s stock after selling 634 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Globus Medical were worth $372,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Coldstream Capital Management Inc. boosted its stake in Globus Medical by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after purchasing an additional 131 shares during the period. Stephens Inc. AR raised its holdings in shares of Globus Medical by 3.4% in the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after purchasing an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after purchasing an additional 140 shares in the last quarter. Central Pacific Bank Trust Division raised its holdings in shares of Globus Medical by 6.2% during the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after acquiring an additional 220 shares during the period. Finally, AQR Capital Management LLC raised its holdings in shares of Globus Medical by 1.5% during the second quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock valued at $1,044,000 after acquiring an additional 228 shares during the period. Institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GMED shares. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Royal Bank of Canada upped their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Roth Mkm upped their target price on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Finally, BTIG Research upped their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Trading Up 1.7 %

Shares of NYSE GMED opened at $92.33 on Wednesday. The firm has a market capitalization of $12.57 billion, a PE ratio of 137.80, a price-to-earnings-growth ratio of 1.73 and a beta of 1.19. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $92.42. The firm’s 50-day moving average is $84.25 and its 200-day moving average is $76.16.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. As a group, equities research analysts anticipate that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,667 shares of company stock valued at $6,674,554. 18.54% of the stock is currently owned by insiders.

Globus Medical 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.