Globus Medical Inc (GMED) Position Boosted by Oregon Public Employees Retirement Fund
Oregon Public Employees Retirement Fund boosted its position in Globus Medical Inc (NYSE:GMED) by 4.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,161 shares of the medical device company’s stock after purchasing an additional 1,071 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Globus Medical were worth $1,421,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC acquired a new stake in Globus Medical in the first quarter worth approximately $106,000. NumerixS Investment Technologies Inc acquired a new stake in Globus Medical in the second quarter worth approximately $125,000. C M Bidwell & Associates Ltd. acquired a new stake in Globus Medical in the first quarter worth approximately $126,000. Smithfield Trust Co. lifted its position in Globus Medical by 3,711.1% in the first quarter. Smithfield Trust Co. now owns 3,430 shares of the medical device company’s stock worth $171,000 after purchasing an additional 3,340 shares during the period. Finally, Clarus Wealth Advisors acquired a new stake in Globus Medical in the second quarter worth approximately $194,000. Hedge funds and other institutional investors own 63.90% of the company’s stock.
In other news, VP Eric Schwartz sold 10,000 shares of the company’s stock in a transaction on Monday, June 25th. The shares were sold at an average price of $53.79, for a total value of $537,900.00. Following the transaction, the vice president now directly owns 10,000 shares of the company’s stock, valued at $537,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David C. Paul sold 6,841 shares of the company’s stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $52.95, for a total transaction of $362,230.95. Following the completion of the transaction, the insider now directly owns 605,871 shares in the company, valued at $32,080,869.45. The disclosure for this sale can be found here. 28.44% of the stock is owned by insiders.
Globus Medical (NYSE:GMED) last announced its earnings results on Wednesday, August 1st. The medical device company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.09. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The company had revenue of $173.40 million for the quarter, compared to the consensus estimate of $168.03 million. During the same period in the previous year, the business earned $0.32 EPS. The company’s revenue was up 13.8% on a year-over-year basis. equities research analysts anticipate that Globus Medical Inc will post 1.55 earnings per share for the current year.
A number of brokerages have recently commented on GMED. Zacks Investment Research downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. Morgan Stanley increased their price objective on Globus Medical from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, August 2nd. Oppenheimer set a $57.00 price objective on Globus Medical and gave the company a “hold” rating in a research report on Thursday, August 2nd. Needham & Company LLC increased their price objective on Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Finally, Leerink Swann increased their price objective on Globus Medical from $60.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, May 30th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $54.36.
Globus Medical Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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