Globus Medical, Inc. (NYSE:GMED) Shares Sold by Channing Capital Management LLC

Channing Capital Management LLC lessened its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 23.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,277 shares of the medical device company's stock after selling 24,161 shares during the quarter. Channing Capital Management LLC owned about 0.06% of Globus Medical worth $6,392,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GMED. Raymond James Financial Inc. acquired a new position in shares of Globus Medical in the 4th quarter valued at $58,405,000. ArrowMark Colorado Holdings LLC acquired a new position in shares of Globus Medical in the 3rd quarter valued at $43,947,000. Lord Abbett & CO. LLC acquired a new position in shares of Globus Medical in the 3rd quarter valued at $37,948,000. Parsifal Capital Management LP boosted its holdings in shares of Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company's stock valued at $96,619,000 after purchasing an additional 453,053 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new position in shares of Globus Medical in the 3rd quarter valued at $26,406,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Price Performance

Globus Medical stock traded up $1.53 during midday trading on Friday, hitting $71.21. 1,056,097 shares of the stock were exchanged, compared to its average volume of 1,336,298. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93. The firm has a market cap of $9.79 billion, a P/E ratio of 94.94, a P/E/G ratio of 1.61 and a beta of 1.19. The company has a 50 day moving average price of $85.09 and a two-hundred day moving average price of $79.69.

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

Insider Transactions at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the business's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 18.54% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on GMED shares. Bank of America upgraded shares of Globus Medical from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $80.00 to $97.00 in a report on Thursday, January 9th. StockNews.com upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Thursday. Barclays lifted their target price on shares of Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Morgan Stanley upgraded shares of Globus Medical from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Friday, February 21st. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $97.82.

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.