Corebridge Financial Inc. Has $10.64 Million Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Corebridge Financial Inc. decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 3.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 128,684 shares of the medical device company’s stock after selling 4,910 shares during the period. Corebridge Financial Inc.’s holdings in Globus Medical were worth $10,643,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GMED. Vanguard Group Inc. lifted its position in shares of Globus Medical by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock worth $898,548,000 after buying an additional 240,218 shares during the period. State Street Corp lifted its holdings in shares of Globus Medical by 2.3% during the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after acquiring an additional 81,371 shares during the period. Geode Capital Management LLC boosted its stake in shares of Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after purchasing an additional 21,935 shares in the last quarter. Geneva Capital Management LLC grew its holdings in shares of Globus Medical by 13.6% in the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock worth $150,188,000 after purchasing an additional 217,707 shares during the last quarter. Finally, Parsifal Capital Management LP increased its position in shares of Globus Medical by 50.5% during the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after purchasing an additional 453,053 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. BTIG Research boosted their price target on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Canaccord Genuity Group boosted their target price on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and raised their price target for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Roth Mkm boosted their price objective on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Finally, Barclays raised their target price on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $97.09.

Globus Medical Stock Down 3.0 %

Shares of GMED stock opened at $74.34 on Thursday. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 99.12, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a 12 month low of $49.33 and a 12 month high of $94.93. The stock has a 50-day moving average price of $82.84 and a 200 day moving average price of $79.88.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. Sell-side analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 18.54% of the company’s stock.

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.