Thrivent Financial for Lutherans Sells 29,106 Shares of Globus Medical, Inc. (NYSE:GMED)

Thrivent Financial for Lutherans trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 4.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 583,057 shares of the medical device company's stock after selling 29,106 shares during the period. Thrivent Financial for Lutherans owned about 0.43% of Globus Medical worth $41,712,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. State Board of Administration of Florida Retirement System lifted its holdings in Globus Medical by 12.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company's stock worth $4,839,000 after purchasing an additional 9,754 shares during the last quarter. Orion Portfolio Solutions LLC lifted its position in Globus Medical by 7.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 27,457 shares of the medical device company's stock worth $1,473,000 after acquiring an additional 1,837 shares during the last quarter. Covestor Ltd grew its position in shares of Globus Medical by 12.7% in the first quarter. Covestor Ltd now owns 2,243 shares of the medical device company's stock valued at $120,000 after purchasing an additional 252 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Globus Medical by 26.4% in the first quarter. Bessemer Group Inc. now owns 34,951 shares of the medical device company's stock worth $1,875,000 after purchasing an additional 7,294 shares during the period. Finally, Gamco Investors INC. ET AL increased its position in Globus Medical by 0.4% in the 1st quarter. Gamco Investors INC. ET AL now owns 139,320 shares of the medical device company's stock worth $7,473,000 after buying an additional 616 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director David D. Davidar sold 30,000 shares of the company's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. The trade was a 5.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kelly Huller sold 5,000 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,000 shares of company stock valued at $8,512,850. Corporate insiders own 18.54% of the company's stock.

Globus Medical Price Performance

Shares of Globus Medical stock traded up $1.35 during trading hours on Tuesday, reaching $83.18. The company had a trading volume of 580,823 shares, compared to its average volume of 1,003,943. Globus Medical, Inc. has a one year low of $44.02 and a one year high of $84.87. The business has a fifty day simple moving average of $73.60 and a 200 day simple moving average of $70.04. The firm has a market cap of $11.33 billion, a PE ratio of 122.09, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GMED shares. Bank of America raised their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an "underperform" rating in a research note on Wednesday, November 6th. Morgan Stanley upped their price objective on shares of Globus Medical from $74.00 to $83.00 and gave the company an "equal weight" rating in a research report on Monday, November 11th. BTIG Research upped their price target on Globus Medical from $77.00 to $78.00 and gave the company a "buy" rating in a report on Monday, October 14th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada boosted their price target on Globus Medical from $80.00 to $92.00 and gave the company an "outperform" rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Globus Medical presently has an average rating of "Moderate Buy" and a consensus target price of $88.18.

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.