Barclays PLC Reduces Position in Globus Medical, Inc. (NYSE:GMED)

Barclays PLC decreased its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 82.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 92,601 shares of the medical device company's stock after selling 439,883 shares during the quarter. Barclays PLC owned approximately 0.07% of Globus Medical worth $6,626,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Y Intercept Hong Kong Ltd grew its position in shares of Globus Medical by 72.7% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 19,876 shares of the medical device company's stock valued at $1,422,000 after buying an additional 8,366 shares during the last quarter. XTX Topco Ltd increased its position in Globus Medical by 7.3% during the 3rd quarter. XTX Topco Ltd now owns 16,608 shares of the medical device company's stock valued at $1,188,000 after purchasing an additional 1,125 shares during the period. Castleark Management LLC raised its holdings in Globus Medical by 94.3% during the 3rd quarter. Castleark Management LLC now owns 84,780 shares of the medical device company's stock worth $6,065,000 after purchasing an additional 41,140 shares during the last quarter. State Street Corp lifted its position in shares of Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company's stock worth $255,450,000 after purchasing an additional 81,371 shares during the period. Finally, Stifel Financial Corp boosted its stake in shares of Globus Medical by 0.6% in the 3rd quarter. Stifel Financial Corp now owns 52,835 shares of the medical device company's stock valued at $3,780,000 after purchasing an additional 306 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. In the last three months, insiders sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on GMED. Morgan Stanley upgraded shares of Globus Medical from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Bank of America boosted their price objective on Globus Medical from $55.00 to $80.00 and gave the company an "underperform" rating in a research note on Wednesday, November 6th. Royal Bank of Canada raised their target price on Globus Medical from $80.00 to $92.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 6th. Truist Financial boosted their price target on Globus Medical from $85.00 to $90.00 and gave the company a "hold" rating in a research note on Wednesday. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $94.55.

Globus Medical Stock Performance

Shares of Globus Medical stock traded up $0.16 during trading hours on Thursday, reaching $81.94. The company's stock had a trading volume of 930,557 shares, compared to its average volume of 994,753. The stock's fifty day simple moving average is $79.54 and its two-hundred day simple moving average is $73.17. The company has a market capitalization of $11.16 billion, a P/E ratio of 122.30, a P/E/G ratio of 1.99 and a beta of 1.19. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $87.22.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analysts' expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm's revenue for the quarter was up 63.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.57 EPS. As a group, research analysts forecast that Globus Medical, Inc. will post 2.97 earnings per share for the current year.

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.