Retirement Systems of Alabama Boosts Stock Position in Globus Medical, Inc. (NYSE:GMED)

Retirement Systems of Alabama increased its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 107.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 284,736 shares of the medical device company's stock after purchasing an additional 147,496 shares during the period. Retirement Systems of Alabama owned approximately 0.21% of Globus Medical worth $23,551,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. ArrowMark Colorado Holdings LLC purchased a new stake in Globus Medical in the 3rd quarter worth approximately $43,947,000. Lord Abbett & CO. LLC bought a new position in shares of Globus Medical during the third quarter valued at approximately $37,948,000. Parsifal Capital Management LP lifted its stake in Globus Medical by 50.5% in the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company's stock worth $96,619,000 after acquiring an additional 453,053 shares during the period. Artemis Investment Management LLP bought a new stake in Globus Medical in the third quarter valued at $30,656,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in Globus Medical during the 3rd quarter valued at $26,406,000. Institutional investors own 95.16% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on GMED shares. StockNews.com cut shares of Globus Medical from a "buy" rating to a "hold" rating in a research report on Thursday. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Thursday. Bank of America upgraded Globus Medical from an "underperform" rating to a "neutral" rating and upped their target price for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Morgan Stanley upgraded Globus Medical from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Finally, Wells Fargo & Company upped their price target on Globus Medical from $88.00 to $95.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Globus Medical has a consensus rating of "Moderate Buy" and a consensus price target of $96.91.

Globus Medical Stock Down 0.4 %

Shares of NYSE:GMED traded down $0.35 on Friday, hitting $87.60. 1,211,960 shares of the company traded hands, compared to its average volume of 1,363,054. The stock has a 50 day simple moving average of $86.56 and a 200-day simple moving average of $78.16. The company has a market cap of $11.93 billion, a PE ratio of 130.75, a PEG ratio of 1.68 and a beta of 1.19. Globus Medical, Inc. has a 52 week low of $49.33 and a 52 week high of $94.93.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the business's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

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.