Magnetar Financial LLC lowered its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 84.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 218,662 shares of the medical device company's stock after selling 1,214,760 shares during the quarter. Magnetar Financial LLC owned 0.16% of Globus Medical worth $18,086,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oak Thistle LLC acquired a new stake in shares of Globus Medical in the fourth quarter worth $376,000. bLong Financial LLC purchased a new stake in Globus Medical during the 4th quarter worth $397,000. Kathmere Capital Management LLC acquired a new stake in Globus Medical in the 4th quarter valued at $23,091,000. Intech Investment Management LLC raised its position in Globus Medical by 291.3% in the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company's stock valued at $1,469,000 after purchasing an additional 15,283 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Globus Medical during the third quarter worth about $523,000. Institutional investors and hedge funds own 95.16% of the company's stock.
Globus Medical Stock Up 3.3 %
Globus Medical stock traded up $2.43 during mid-day trading on Monday, hitting $76.02. 1,439,675 shares of the company's stock traded hands, compared to its average volume of 996,029. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The firm has a 50 day moving average price of $83.39 and a 200 day moving average price of $79.87. The company has a market cap of $10.46 billion, a PE ratio of 101.36, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.
Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data 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. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. On average, analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms have recently issued reports on GMED. StockNews.com lowered Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday. Barclays lifted their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. Bank of America upgraded shares of Globus Medical from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Finally, BTIG Research boosted their price target on Globus Medical from $87.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $97.09.
Read Our Latest Stock Analysis on Globus Medical
Insider Activity at Globus Medical
In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 18.54% of the company's stock.
About Globus Medical
(
Free Report)
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.
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