Ionic Capital Management LLC Sells 11,074 Shares of Globus Medical, Inc. (NYSE:GMED)

Ionic Capital Management LLC trimmed its holdings in Globus Medical, Inc. (NYSE:GMED) by 30.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 25,296 shares of the medical device company’s stock after selling 11,074 shares during the quarter. Ionic Capital Management LLC’s holdings in Globus Medical were worth $1,810,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Select Equity Group L.P. purchased a new stake in Globus Medical during the 2nd quarter worth about $91,711,000. Millennium Management LLC boosted its holdings in Globus Medical by 1,171.5% in the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock worth $93,409,000 after acquiring an additional 1,256,570 shares during the period. ArrowMark Colorado Holdings LLC acquired a new stake in Globus Medical during the third quarter valued at approximately $43,947,000. Artemis Investment Management LLP acquired a new position in Globus Medical during the third quarter worth about $30,656,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in Globus Medical during the 3rd quarter worth approximately $26,406,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Trading Down 2.0 %

Shares of NYSE:GMED opened at $83.90 on Tuesday. The firm has a 50 day moving average of $76.52 and a 200-day moving average of $71.77. Globus Medical, Inc. has a 12 month low of $44.02 and a 12 month high of $87.22. The stock has a market capitalization of $11.42 billion, a PE ratio of 125.22, a PEG ratio of 2.04 and a beta of 1.19.

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

Insider Activity at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,000 shares of company stock worth $8,512,850. 18.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GMED has been the topic of a number of analyst reports. Royal Bank of Canada upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Stifel Nicolaus raised their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Wells Fargo & Company increased their price target on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $83.00 to $100.00 in a research note on Monday. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.73.

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.