Fort Washington Investment Advisors Inc. OH Decreases Position in Globus Medical, Inc. (NYSE:GMED)

Fort Washington Investment Advisors Inc. OH decreased its stake in Globus Medical, Inc. (NYSE:GMED) by 24.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 384,871 shares of the medical device company’s stock after selling 124,003 shares during the quarter. Fort Washington Investment Advisors Inc. OH’s holdings in Globus Medical were worth $26,360,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of GMED. Vanguard Group Inc. grew its holdings in Globus Medical by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after buying an additional 32,220 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Globus Medical by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 3,016,702 shares of the medical device company’s stock valued at $161,816,000 after buying an additional 110,912 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Globus Medical by 9.5% during the fourth quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock valued at $155,205,000 after buying an additional 252,510 shares in the last quarter. Champlain Investment Partners LLC boosted its position in Globus Medical by 25.2% during the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock valued at $134,335,000 after purchasing an additional 503,745 shares during the last quarter. Finally, Burgundy Asset Management Ltd. boosted its position in Globus Medical by 46.1% during the first quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock valued at $133,018,000 after purchasing an additional 782,285 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Ratings Changes

GMED has been the subject of a number of analyst reports. Royal Bank of Canada boosted their price target on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Truist Financial upped their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. BTIG Research upped their price objective on Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday. Morgan Stanley boosted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average price target of $77.20.

Insider Activity

In other news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the sale, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

GMED stock opened at $72.70 on Friday. The company has a 50 day simple moving average of $70.39 and a 200 day simple moving average of $61.83. The stock has a market cap of $9.84 billion, a price-to-earnings ratio of 113.59, a P/E/G ratio of 1.95 and a beta of 1.15. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $74.21.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The firm had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same period in the prior year, the company posted $0.63 EPS. The company’s revenue was up 115.9% on a year-over-year basis. On average, equities research analysts anticipate that Globus Medical, Inc. will post 2.82 EPS for the current fiscal year.

Globus Medical Company 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.