Point72 Asset Management L.P. Makes New Investment in Globus Medical, Inc. (NYSE:GMED)

Point72 Asset Management L.P. bought a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 145,581 shares of the medical device company's stock, valued at approximately $10,415,000. Point72 Asset Management L.P. owned about 0.11% of Globus Medical as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in GMED. Cetera Advisors LLC bought a new stake in shares of Globus Medical in the 1st quarter worth approximately $204,000. GAMMA Investing LLC increased its position in Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company's stock valued at $43,000 after purchasing an additional 453 shares during the period. Diversified Trust Co raised its holdings in Globus Medical by 6.8% in the 2nd quarter. Diversified Trust Co now owns 22,816 shares of the medical device company's stock worth $1,563,000 after purchasing an additional 1,450 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Globus Medical by 12.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 5,497 shares of the medical device company's stock worth $376,000 after purchasing an additional 609 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of Globus Medical by 5.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,017 shares of the medical device company's stock valued at $481,000 after purchasing an additional 390 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Insider Activity at Globus Medical

In related news, Director Ann D. Rhoads sold 15,000 shares of the business's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 25.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business's stock in a transaction on 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 valued at $8,730,350 over the last ninety days. Insiders own 18.54% of the company's stock.

Globus Medical Stock Up 0.3 %

Globus Medical stock traded up $0.23 during trading hours on Friday, hitting $83.32. The stock had a trading volume of 472,187 shares, compared to its average volume of 998,978. The stock's 50-day moving average price is $77.59 and its 200-day moving average price is $72.28. The stock has a market capitalization of $11.35 billion, a P/E ratio of 124.36, a price-to-earnings-growth ratio of 2.02 and a beta of 1.19. Globus Medical, Inc. has a 12-month low of $44.02 and a 12-month high of $87.22.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data 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 previous year, the business earned $0.57 EPS. The firm's revenue for the quarter was up 63.1% on a year-over-year basis. On average, research analysts expect that Globus Medical, Inc. will post 2.97 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GMED shares. 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. BTIG Research increased their target price on Globus Medical from $77.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, October 14th. Morgan Stanley upgraded Globus Medical from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Roth Mkm reiterated a "buy" rating and issued a $100.00 price objective on shares of Globus Medical in a report on Wednesday, November 6th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.73.

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.