Wellington Management Group LLP Has $184.47 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Wellington Management Group LLP cut its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 19.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,578,490 shares of the medical device company's stock after selling 631,239 shares during the period. Wellington Management Group LLP owned about 1.90% of Globus Medical worth $184,465,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in Globus Medical during the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical in the second quarter worth approximately $33,000. Quarry LP grew its position in Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company's stock worth $35,000 after acquiring an additional 433 shares in the last quarter. Farther Finance Advisors LLC grew its position in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company's stock worth $39,000 after acquiring an additional 385 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company's stock worth $43,000 after acquiring an additional 453 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Down 0.5 %

NYSE:GMED traded down $0.40 during trading hours on Monday, hitting $82.92. 608,025 shares of the company traded hands, compared to its average volume of 996,930. The stock has a market capitalization of $11.29 billion, a price-to-earnings ratio of 123.76, a P/E/G ratio of 1.99 and a beta of 1.19. Globus Medical, Inc. has a twelve month low of $46.26 and a twelve month high of $87.22. The firm has a 50-day moving average of $77.81 and a 200 day moving average of $72.40.

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 (EPS) for the quarter, beating 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 analysts' expectations of $604.69 million. During the same quarter in the prior year, the company posted $0.57 EPS. The business's revenue was up 63.1% on a year-over-year basis. Equities research analysts predict that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The transaction 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 company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,500 shares of company stock worth $8,730,350. 18.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

GMED has been the subject of several recent research reports. Canaccord Genuity Group boosted their target price on shares of Globus Medical from $85.00 to $92.00 and gave the stock a "buy" rating in a research report on Monday. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research report on Wednesday, November 6th. Royal Bank of Canada boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Piper Sandler boosted their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, Globus Medical has an average rating of "Moderate Buy" and an average target price of $90.36.

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.