BNP Paribas Arbitrage SA raised its position in Globus Medical Inc. (NYSE:GMED) by 74.6% during the third quarter, Holdings Channel reports. The fund owned 8,473 shares of the medical device company’s stock after buying an additional 3,621 shares during the period. BNP Paribas Arbitrage SA’s holdings in Globus Medical were worth $191,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP increased its position in Globus Medical by 4.9% in the first quarter. Wellington Management Group LLP now owns 7,562,120 shares of the medical device company’s stock worth $179,601,000 after buying an additional 352,562 shares during the last quarter. State Street Corp increased its position in Globus Medical by 3.5% in the first quarter. State Street Corp now owns 1,173,144 shares of the medical device company’s stock worth $27,864,000 after buying an additional 39,290 shares during the last quarter. Rice Hall James & Associates LLC acquired a new position in Globus Medical during the second quarter worth about $16,516,000. Falcon Point Capital LLC increased its position in Globus Medical by 2.0% in the second quarter. Falcon Point Capital LLC now owns 489,734 shares of the medical device company’s stock worth $11,670,000 after buying an additional 9,585 shares during the last quarter. Finally, Virginia Retirement System acquired a new position in Globus Medical during the first quarter worth about $805,000. Institutional investors own 95.05% of the company’s stock.
Globus Medical Inc. (NYSE:GMED) opened at 22.62 on Friday. The firm has a market cap of $2.16 billion, a PE ratio of 18.54 and a beta of 0.61. The firm’s 50-day moving average is $22.85 and its 200 day moving average is $23.68. Globus Medical Inc. has a 1-year low of $21.15 and a 1-year high of $28.60.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, July 26th. The medical device company reported $0.29 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. The firm had revenue of $137.49 million for the quarter, compared to analyst estimates of $141.78 million. Globus Medical had a net margin of 21.19% and a return on equity of 15.43%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that Globus Medical Inc. will post $1.20 earnings per share for the current fiscal year.
A number of research analysts have recently issued reports on GMED shares. Zacks Investment Research downgraded shares of Globus Medical from a “hold” rating to a “sell” rating in a research report on Wednesday, September 28th. Barclays PLC reduced their price target on shares of Globus Medical from $26.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 27th. Morgan Stanley downgraded shares of Globus Medical from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, July 27th. Piper Jaffray Cos. restated an “overweight” rating and issued a $29.00 price target on shares of Globus Medical in a research report on Saturday, June 25th. Finally, Leerink Swann downgraded shares of Globus Medical from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $29.00 to $27.00 in a research report on Wednesday, July 27th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $26.40.
In other news, insider A Brett Murphy sold 107,692 shares of the business’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $23.37, for a total value of $2,516,762.04. Following the sale, the insider now owns 190,917 shares in the company, valued at approximately $4,461,730.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 27.93% of the stock is currently owned by company insiders.
About Globus Medical
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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