Parsifal Capital Management LP Has $96.62 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Parsifal Capital Management LP grew its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 50.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,350,553 shares of the medical device company's stock after buying an additional 453,053 shares during the period. Globus Medical accounts for approximately 6.6% of Parsifal Capital Management LP's portfolio, making the stock its 9th largest position. Parsifal Capital Management LP owned about 1.00% of Globus Medical worth $96,619,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Burgundy Asset Management Ltd. raised its holdings in Globus Medical by 1.4% during the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company's stock worth $172,245,000 after purchasing an additional 35,054 shares in the last quarter. Magnetar Financial LLC raised its holdings in Globus Medical by 1.7% during the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company's stock worth $117,699,000 after purchasing an additional 29,200 shares in the last quarter. Geneva Capital Management LLC increased its holdings in Globus Medical by 1.1% in the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company's stock valued at $114,330,000 after buying an additional 18,117 shares in the last quarter. AXA S.A. lifted its position in shares of Globus Medical by 0.5% during the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company's stock valued at $101,245,000 after acquiring an additional 7,443 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Globus Medical by 1,171.5% during the 2nd 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 during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Kelly Huller sold 2,500 shares of the business's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 112,500 shares of company stock worth $8,730,350 in the last quarter. 18.54% of the stock is owned by corporate insiders.

Globus Medical Stock Down 0.8 %

Shares of NYSE GMED traded down $0.69 during trading on Wednesday, hitting $84.41. 680,488 shares of the company traded hands, compared to its average volume of 1,002,468. Globus Medical, Inc. has a 1 year low of $44.02 and a 1 year high of $87.22. The company has a 50-day moving average price of $76.80 and a 200-day moving average price of $71.92. The firm has a market capitalization of $11.49 billion, a P/E ratio of 127.01, a P/E/G ratio of 2.00 and a beta of 1.19.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GMED. BTIG Research lifted their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, October 14th. Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday, August 7th. Canaccord Genuity Group lifted their price objective on Globus Medical from $79.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Morgan Stanley upgraded Globus Medical from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $83.00 to $100.00 in a research report on Monday. Finally, StockNews.com downgraded Globus Medical from a "buy" rating to a "hold" rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $89.73.

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.