Public Employees Retirement Association of Colorado Grows Stake in Globus Medical, Inc. (NYSE:GMED)

Public Employees Retirement Association of Colorado grew its stake in Globus Medical, Inc. (NYSE:GMED) by 2,272.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 311,285 shares of the medical device company’s stock after purchasing an additional 298,162 shares during the period. Public Employees Retirement Association of Colorado owned approximately 0.23% of Globus Medical worth $16,697,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Pacer Advisors Inc. boosted its position in Globus Medical by 76.0% in the fourth quarter. Pacer Advisors Inc. now owns 17,339 shares of the medical device company’s stock valued at $924,000 after buying an additional 7,486 shares during the last quarter. Washington Capital Management Inc. purchased a new stake in shares of Globus Medical during the fourth quarter worth $554,000. Oak Thistle LLC grew its stake in shares of Globus Medical by 81.4% during the fourth quarter. Oak Thistle LLC now owns 16,037 shares of the medical device company’s stock worth $855,000 after purchasing an additional 7,196 shares in the last quarter. Compass Ion Advisors LLC boosted its stake in Globus Medical by 13.6% in the fourth quarter. Compass Ion Advisors LLC now owns 38,655 shares of the medical device company’s stock valued at $2,060,000 after acquiring an additional 4,630 shares in the last quarter. Finally, Boston Trust Walden Corp boosted its stake in Globus Medical by 0.3% in the fourth quarter. Boston Trust Walden Corp now owns 750,021 shares of the medical device company’s stock valued at $39,969,000 after acquiring an additional 2,173 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

Shares of GMED stock traded down $0.21 during mid-day trading on Monday, reaching $71.68. The company’s stock had a trading volume of 564,397 shares, compared to its average volume of 1,077,573. The firm’s 50-day moving average is $68.22 and its two-hundred day moving average is $59.03. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $74.16. The company has a market cap of $9.70 billion, a P/E ratio of 112.33, a PEG ratio of 2.00 and a beta of 1.15.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The firm had revenue of $606.67 million during the quarter, compared to analysts’ expectations of $586.82 million. During the same quarter in the previous year, the company earned $0.53 earnings per share. The business’s revenue for the quarter was up 119.3% on a year-over-year basis. Sell-side analysts anticipate that Globus Medical, Inc. will post 2.82 EPS for the current year.

Insider Transactions at Globus Medical

In related news, Director Leslie V. Norwalk sold 1,000 shares of the business’s 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 transaction, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. Insiders have sold a total of 84,300 shares of company stock valued at $5,459,813 over the last 90 days. 18.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GMED has been the subject of several analyst reports. Barclays increased their price target on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Stifel Nicolaus increased their price target on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. BTIG Research increased their price target on shares of Globus Medical from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, May 8th. Finally, Morgan Stanley increased their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and an average target price of $73.30.

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.