Cambiar Investors LLC Has $3.06 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Cambiar Investors LLC decreased its position in Globus Medical, Inc. (NYSE:GMED) by 2.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,705 shares of the medical device company’s stock after selling 983 shares during the quarter. Cambiar Investors LLC’s holdings in Globus Medical were worth $3,055,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in GMED. State of Michigan Retirement System lifted its holdings in Globus Medical by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 28,361 shares of the medical device company’s stock worth $1,521,000 after purchasing an additional 700 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Globus Medical by 33.0% during the 1st quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock worth $2,453,000 after buying an additional 11,359 shares during the period. Retirement Systems of Alabama grew its stake in Globus Medical by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 144,866 shares of the medical device company’s stock valued at $7,771,000 after buying an additional 380 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Globus Medical by 37.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,293 shares of the medical device company’s stock worth $1,679,000 after acquiring an additional 8,534 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in Globus Medical by 26.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 35,640 shares of the medical device company’s stock worth $1,912,000 after acquiring an additional 7,565 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Up 1.8 %

Shares of GMED stock opened at $74.90 on Friday. The company has a market capitalization of $10.14 billion, a P/E ratio of 249.67, a P/E/G ratio of 2.07 and a beta of 1.17. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $75.98. The firm has a 50-day moving average price of $71.56 and a 200 day moving average price of $67.49.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. Globus Medical’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 earnings per share. As a group, research analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GMED. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $78.00 in a research report on Wednesday, August 7th. Royal Bank of Canada boosted their price objective on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. BTIG Research raised their target price on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.78.

Insiders Place Their Bets

In related news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

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.