Globus Medical, Inc. (NYSE:GMED) Shares Sold by Covea Finance

Covea Finance decreased its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 17.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 250,520 shares of the medical device company's stock after selling 53,480 shares during the period. Covea Finance owned about 0.18% of Globus Medical worth $20,721,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GMED. Park Avenue Securities LLC raised its position in shares of Globus Medical by 26.4% in the 4th quarter. Park Avenue Securities LLC now owns 7,405 shares of the medical device company's stock valued at $612,000 after purchasing an additional 1,546 shares in the last quarter. Kathmere Capital Management LLC bought a new stake in shares of Globus Medical in the fourth quarter worth $23,091,000. Assenagon Asset Management S.A. raised its holdings in Globus Medical by 77.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 95,898 shares of the medical device company's stock valued at $7,932,000 after acquiring an additional 41,875 shares in the last quarter. Oak Thistle LLC bought a new position in Globus Medical during the 4th quarter valued at $376,000. Finally, Everence Capital Management Inc. acquired a new position in Globus Medical during the 4th quarter worth $204,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Stock Performance

Shares of Globus Medical stock traded up $2.38 during trading on Wednesday, hitting $90.56. 1,676,294 shares of the stock were exchanged, compared to its average volume of 1,350,672. The stock has a market cap of $12.33 billion, a PE ratio of 135.16, a P/E/G ratio of 1.97 and a beta of 1.19. The stock's fifty day moving average is $83.55 and its 200 day moving average is $75.53. Globus Medical, Inc. has a 12 month low of $49.33 and a 12 month high of $90.95.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million during 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%. Globus Medical's quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 EPS. Sell-side analysts anticipate that Globus Medical, Inc. will post 2.97 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GMED shares. Bank of America upgraded shares of Globus Medical from an "underperform" rating to a "neutral" rating and upped their target price for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Morgan Stanley raised Globus Medical from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. StockNews.com lowered Globus Medical from a "buy" rating to a "hold" rating in a research report on Wednesday, November 20th. Truist Financial upped their price target on Globus Medical from $85.00 to $90.00 and gave the company a "hold" rating in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada lifted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock an "outperform" rating in a report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Globus Medical has an average rating of "Moderate Buy" and an average price target of $96.91.

Insider Activity

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,667 shares of company stock valued at $6,674,554. Company insiders own 18.54% of the company's stock.

About Globus Medical

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.