NFJ Investment Group LLC Decreases Stock Position in Globus Medical, Inc. (NYSE:GMED)

NFJ Investment Group LLC decreased its position in Globus Medical, Inc. (NYSE:GMED) by 15.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 223,847 shares of the medical device company’s stock after selling 40,357 shares during the quarter. NFJ Investment Group LLC owned about 0.17% of Globus Medical worth $16,014,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in GMED. V Square Quantitative Management LLC acquired a new position in Globus Medical in the 3rd quarter valued at about $27,000. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical in the 2nd quarter valued at about $33,000. Farther Finance Advisors LLC raised its stake in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the last quarter. GAMMA Investing LLC raised its stake in Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Globus Medical in the 2nd quarter valued at about $52,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 25.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s 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. Insiders have sold 110,000 shares of company stock valued at $8,512,850 over the last three months. Company insiders own 18.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on GMED shares. Roth Mkm reissued a “buy” rating and issued a $100.00 target price on shares of Globus Medical in a research note on Wednesday, November 6th. Canaccord Genuity Group upped their price objective on shares of Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Stifel Nicolaus upped their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. BTIG Research upped their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Truist Financial upped their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $89.73.

Globus Medical Price Performance

Shares of GMED stock traded up $0.09 on Tuesday, hitting $83.99. 134,862 shares of the stock traded hands, compared to its average volume of 999,970. The company has a market capitalization of $11.44 billion, a PE ratio of 125.22, a PEG ratio of 2.04 and a beta of 1.19. Globus Medical, Inc. has a 1-year low of $44.02 and a 1-year high of $87.22. The company’s fifty day moving average is $76.52 and its 200 day moving average is $71.77.

Globus Medical (NYSE:GMED) last issued 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 return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same period last year, the company earned $0.57 earnings per share. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis. As a group, equities research analysts expect that Globus Medical, Inc. will post 2.98 EPS for the current year.

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.