California Public Employees Retirement System Reduces Holdings in Globus Medical, Inc. (NYSE:GMED)

California Public Employees Retirement System cut its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 2.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 181,444 shares of the medical device company's stock after selling 4,835 shares during the quarter. California Public Employees Retirement System owned about 0.13% of Globus Medical worth $15,007,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of GMED. Vanguard Group Inc. grew its holdings in shares of Globus Medical by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock valued at $898,548,000 after purchasing an additional 240,218 shares during the period. State Street Corp grew its stake 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 valued at $255,450,000 after buying an additional 81,371 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Globus Medical by 7.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock worth $231,946,000 after buying an additional 199,556 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Globus Medical by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company's stock valued at $134,893,000 after buying an additional 21,935 shares during the period. Finally, Geneva Capital Management LLC lifted its holdings in Globus Medical by 13.6% in the fourth quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company's stock valued at $150,188,000 after acquiring an additional 217,707 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analysts Set New Price Targets

GMED has been the subject of several recent analyst reports. Truist Financial cut their target price on Globus Medical from $90.00 to $82.00 and set a "hold" rating for the company in a research note on Tuesday, March 18th. BTIG Research boosted their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the company a "buy" rating in a report on Thursday, December 12th. StockNews.com cut shares of Globus Medical from a "buy" rating to a "hold" rating in a research report on Friday, March 21st. Bank of America upgraded shares of Globus Medical from an "underperform" rating to a "neutral" rating and lifted their price target for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. Finally, Barclays increased their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $97.09.

Insider Buying and Selling at Globus Medical

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

Globus Medical Trading Up 8.2 %

NYSE:GMED traded up $5.60 during midday trading on Wednesday, reaching $74.24. The company had a trading volume of 2,211,458 shares, compared to its average volume of 1,039,238. Globus Medical, Inc. has a 12-month low of $49.33 and a 12-month high of $94.93. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of 98.99, a PEG ratio of 1.61 and a beta of 1.28. The stock's fifty day simple moving average is $78.02 and its 200-day simple moving average is $79.99.

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

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.