Bellevue Group AG Sells 27,495 Shares of Globus Medical, Inc. (NYSE:GMED)

Bellevue Group AG lessened its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 5.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 469,798 shares of the medical device company's stock after selling 27,495 shares during the quarter. Bellevue Group AG owned approximately 0.35% of Globus Medical worth $33,609,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Select Equity Group L.P. acquired a new position in shares of Globus Medical in the 2nd quarter valued at $91,711,000. Millennium Management LLC boosted its stake in Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company's stock valued at $93,409,000 after acquiring an additional 1,256,570 shares in the last quarter. Artemis Investment Management LLP purchased a new position in shares of Globus Medical during the third quarter worth about $30,656,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Globus Medical during the third quarter worth about $26,406,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Globus Medical by 855.3% in the 2nd quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company's stock valued at $26,112,000 after purchasing an additional 341,342 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Up 0.4 %

Shares of NYSE:GMED traded up $0.32 during trading on Friday, reaching $85.61. The stock had a trading volume of 341,367 shares, compared to its average volume of 1,166,657. Globus Medical, Inc. has a fifty-two week low of $44.02 and a fifty-two week high of $86.00. The stock has a market cap of $11.66 billion, a P/E ratio of 127.78, a PEG ratio of 2.04 and a beta of 1.17. The business has a fifty day moving average price of $76.26 and a 200-day moving average price of $71.58.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period in the prior year, the business posted $0.57 EPS. The business's revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, equities analysts forecast that Globus Medical, Inc. will post 2.98 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GMED. Royal Bank of Canada raised their price target on Globus Medical from $80.00 to $92.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 6th. Barclays raised their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an "overweight" rating in a research report on Thursday, August 8th. StockNews.com cut shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Wednesday, November 20th. Piper Sandler increased their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their price target on Globus Medical from $79.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $88.18.

Insiders Place Their Bets

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company's stock, valued at approximately $40,242,076. This represents a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the firm's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company's stock, valued at approximately $3,017,318.24. The trade was a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,000 shares of company stock worth $8,512,850. 18.54% of the stock is owned by corporate insiders.

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.