Motley Fool Asset Management LLC Sells 44,942 Shares of Globus Medical, Inc. (NYSE:GMED)

Motley Fool Asset Management LLC lessened its position in Globus Medical, Inc. (NYSE:GMED) by 22.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 156,208 shares of the medical device company’s stock after selling 44,942 shares during the period. Motley Fool Asset Management LLC’s holdings in Globus Medical were worth $10,997,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Select Equity Group L.P. bought a new position in Globus Medical during the second quarter valued at approximately $91,711,000. Millennium Management LLC lifted its position in Globus Medical by 1,171.5% during the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after purchasing an additional 1,256,570 shares during the period. ArrowMark Colorado Holdings LLC bought a new position in Globus Medical during the third quarter valued at approximately $43,947,000. Artemis Investment Management LLP bought a new position in Globus Medical during the third quarter valued at approximately $30,656,000. Finally, Massachusetts Financial Services Co. MA bought a new position in Globus Medical during the third quarter valued at approximately $26,406,000. Institutional investors own 95.16% of the company’s stock.

Insider Transactions at Globus Medical

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 completion of the sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,000 shares of company stock worth $8,512,850. 18.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on GMED. BTIG Research upped their target price on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $83.00 to $100.00 in a report on Monday. Piper Sandler upped their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Truist Financial upped their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Roth Mkm reissued a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $89.73.

Globus Medical Stock Performance

GMED opened at $85.10 on Wednesday. The stock has a market capitalization of $11.59 billion, a price-to-earnings ratio of 127.01, a PEG ratio of 2.00 and a beta of 1.19. The company has a fifty day moving average of $76.80 and a 200 day moving average of $71.92. Globus Medical, Inc. has a fifty-two week low of $44.02 and a fifty-two week high of $87.22.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating 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 business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter last year, the business earned $0.57 earnings per share. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, equities research analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current 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.