Allworth Financial LP Reduces Stock Position in Globus Medical, Inc. (NYSE:GMED)

Allworth Financial LP lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 14.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,364 shares of the medical device company’s stock after selling 227 shares during the quarter. Allworth Financial LP’s holdings in Globus Medical were worth $113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GMED. State Street Corp grew its holdings in Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after buying an additional 81,371 shares during the period. Geode Capital Management LLC grew its holdings in Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after buying an additional 21,935 shares during the period. Geneva Capital Management LLC grew its holdings in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after buying an additional 18,117 shares during the period. Parsifal Capital Management LP grew its holdings in Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after buying an additional 453,053 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Globus Medical by 29.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock valued at $88,610,000 after buying an additional 285,172 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the company. Piper Sandler lifted their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Royal Bank of Canada lifted their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Canaccord Genuity Group lifted their price target on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Finally, BTIG Research boosted their target price on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Performance

Globus Medical stock opened at $80.43 on Monday. The stock’s 50 day moving average price is $86.72 and its 200 day moving average price is $79.16. The firm has a market capitalization of $10.95 billion, a PE ratio of 107.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. The firm had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. On average, analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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.