State Board of Administration of Florida Retirement System raised its stake in Globus Medical Inc. (NYSE:GMED) by 0.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,699 shares of the medical device company’s stock after buying an additional 127 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Globus Medical were worth $565,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the company. Rice Hall James & Associates LLC acquired a new position in shares of Globus Medical during the second quarter valued at about $16,516,000. Loomis Sayles & Co. L P purchased a new position in shares of Globus Medical during the first quarter valued at approximately $16,460,000. Emerald Acquisition Ltd. purchased a new position in shares of Globus Medical during the second quarter valued at approximately $15,690,000. Aberdeen Asset Management PLC UK boosted its position in shares of Globus Medical by 47.5% in the second quarter. Aberdeen Asset Management PLC UK now owns 1,771,419 shares of the medical device company’s stock valued at $42,213,000 after buying an additional 570,635 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Globus Medical by 20.4% in the second quarter. Bank of New York Mellon Corp now owns 2,538,231 shares of the medical device company’s stock valued at $60,486,000 after buying an additional 430,229 shares during the last quarter. 95.05% of the stock is currently owned by institutional investors.
Globus Medical Inc. (NYSE:GMED) traded up 2.44% during trading on Wednesday, hitting $23.13. 389,672 shares of the stock were exchanged. The firm’s 50 day moving average price is $22.85 and its 200-day moving average price is $23.70. Globus Medical Inc. has a 1-year low of $21.15 and a 1-year high of $28.60. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 18.96 and a beta of 0.61.
Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, July 26th. The medical device company reported $0.29 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.29. Globus Medical had a return on equity of 15.43% and a net margin of 21.19%. The business earned $137.49 million during the quarter, compared to analysts’ expectations of $141.78 million. Globus Medical’s revenue was up 2.9% on a year-over-year basis. On average, analysts anticipate that Globus Medical Inc. will post $1.20 EPS for the current year.
Several analysts recently commented on GMED shares. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating in a report on Monday, June 20th. Piper Jaffray Cos. restated an “overweight” rating and set a $29.00 price target on shares of Globus Medical in a report on Saturday, June 25th. Leerink Swann cut shares of Globus Medical from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $29.00 to $27.00 in a report on Wednesday, July 27th. Wells Fargo & Co. cut shares of Globus Medical from an “outperform” rating to a “market perform” rating and set a $23.00 price target for the company. in a report on Wednesday, July 27th. Finally, Canaccord Genuity cut shares of Globus Medical from a “buy” rating to a “hold” rating and decreased their price target for the stock from $30.00 to $28.00 in a report on Wednesday, July 27th. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Globus Medical currently has a consensus rating of “Hold” and an average price target of $26.40.
In other Globus Medical news, insider A Brett Murphy sold 107,692 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $23.37, for a total transaction of $2,516,762.04. Following the completion of the transaction, the insider now owns 190,917 shares of the company’s stock, valued at approximately $4,461,730.29. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 27.93% of the company’s stock.
Globus Medical Company Profile
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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