Municipal Employees Retirement System of Michigan lowered its stake in Globus Medical, Inc. (NYSE:GMED) by 16.4% during the second quarter, Holdings Channel reports. The fund owned 27,870 shares of the medical device company’s stock after selling 5,460 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Globus Medical were worth $924,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. BlackRock Inc. boosted its position in Globus Medical by 22,983.1% in the first quarter. BlackRock Inc. now owns 7,387,282 shares of the medical device company’s stock valued at $218,812,000 after buying an additional 7,355,279 shares during the period. Marathon Asset Management LLP boosted its position in Globus Medical by 189.3% in the second quarter. Marathon Asset Management LLP now owns 773,700 shares of the medical device company’s stock valued at $25,644,000 after buying an additional 506,241 shares during the period. Blue Jay Capital Management LLC purchased a new position in Globus Medical during the first quarter valued at approximately $11,848,000. Citadel Advisors LLC boosted its position in Globus Medical by 2,430.6% in the first quarter. Citadel Advisors LLC now owns 412,809 shares of the medical device company’s stock valued at $12,227,000 after buying an additional 396,496 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in Globus Medical by 127.0% in the first quarter. Nuveen Asset Management LLC now owns 469,841 shares of the medical device company’s stock valued at $13,917,000 after buying an additional 262,882 shares during the period. 69.45% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical, Inc. (NYSE GMED) opened at 29.30 on Friday. Globus Medical, Inc. has a one year low of $19.25 and a one year high of $34.03. The stock has a 50 day moving average of $31.79 and a 200 day moving average of $30.14. The firm has a market cap of $2.82 billion, a PE ratio of 26.40 and a beta of 0.60.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The business had revenue of $152.39 million during the quarter, compared to the consensus estimate of $150.94 million. During the same quarter last year, the company earned $0.29 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities analysts forecast that Globus Medical, Inc. will post $1.27 earnings per share for the current year.

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Several research analysts have commented on GMED shares. Zacks Investment Research cut shares of Globus Medical from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Globus Medical in a report on Thursday, May 18th. Canaccord Genuity upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and boosted their price target for the stock from $30.00 to $37.00 in a report on Thursday, May 4th. Barclays PLC cut shares of Globus Medical from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $24.00 to $28.00 in a report on Monday, April 24th. Finally, BidaskClub cut shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $30.43.

In other news, President Anthony L. Williams sold 16,153 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $31.94, for a total transaction of $515,926.82. Following the completion of the sale, the president now owns 16,153 shares of the company’s stock, valued at $515,926.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 28.21% of the stock is currently owned by company insiders.

About Globus Medical

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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