Glenmede Trust Co. NA Decreases Holdings in Globus Medical, Inc. (NYSE:GMED)

Glenmede Trust Co. NA reduced its position in Globus Medical, Inc. (NYSE:GMED) by 1.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 240,286 shares of the medical device company’s stock after selling 3,831 shares during the period. Glenmede Trust Co. NA owned approximately 0.18% of Globus Medical worth $17,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Comerica Bank increased its holdings in Globus Medical by 0.5% during the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock valued at $2,940,000 after buying an additional 293 shares during the last quarter. Swedbank AB purchased a new stake in shares of Globus Medical in the 1st quarter worth $17,433,000. Cetera Advisors LLC bought a new position in Globus Medical in the 1st quarter worth $204,000. GAMMA Investing LLC lifted its position in Globus Medical by 254.5% during the second 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 in the last quarter. Finally, Juncture Wealth Strategies LLC grew its holdings in Globus Medical by 54.0% during the second quarter. Juncture Wealth Strategies LLC now owns 10,406 shares of the medical device company’s stock valued at $713,000 after purchasing an additional 3,648 shares during the period. Institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $8,512,850 in the last three months. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Trading Up 0.9 %

Shares of Globus Medical stock opened at $85.29 on Friday. The firm has a market cap of $11.61 billion, a PE ratio of 127.30, a PEG ratio of 2.02 and a beta of 1.17. The stock has a 50 day moving average of $75.96 and a 200 day moving average of $71.37. Globus Medical, Inc. has a 12 month low of $44.02 and a 12 month high of $85.74.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $604.69 million. During the same period in the prior year, the company earned $0.57 EPS. The company’s quarterly revenue was up 63.1% compared to the same quarter last year. As a group, equities research analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GMED shares. BTIG Research lifted their price objective on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Stifel Nicolaus lifted their price target 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. Bank of America increased their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group lifted their target price 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. Finally, Piper Sandler increased their price target on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Globus Medical has an average rating of “Moderate Buy” and an average price target of $88.18.

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.