Globus Medical, Inc. (NYSE:GMED) CEO Daniel T. Scavilla Sells 60,000 Shares

Globus Medical, Inc. (NYSE:GMED) CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Globus Medical Trading Down 1.3 %

NYSE GMED traded down $1.09 on Friday, hitting $80.88. 1,804,166 shares of the stock traded hands, compared to its average volume of 1,003,765. The stock has a 50-day moving average of $71.92 and a 200 day moving average of $68.16. The company has a market capitalization of $10.95 billion, a P/E ratio of 273.23, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $84.87.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business’s revenue for the quarter was up 63.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. As a group, equities research analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GMED shares. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Morgan Stanley lifted 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. Canaccord Genuity Group boosted their price objective on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial lifted their price target on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, BTIG Research boosted their price objective on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $87.09.

Institutional Trading of Globus Medical

Hedge funds have recently modified their holdings of the business. Stephens Inc. AR raised its holdings in shares of Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after acquiring an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Globus Medical by 2.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after purchasing an additional 140 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after purchasing an additional 160 shares during the last quarter. Van ECK Associates Corp grew its position in Globus Medical by 0.4% during the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after buying an additional 183 shares in the last quarter. Finally, Central Pacific Bank Trust Division grew its position in Globus Medical by 6.2% during the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after buying an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.