Bank of New York Mellon Corp trimmed its stake in Globus Medical, Inc. (NYSE:GMED) by 9.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,374,025 shares of the medical device company’s stock after selling 248,942 shares during the period. Bank of New York Mellon Corp owned about 2.47% of Globus Medical worth $70,556,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in Globus Medical by 1.2% during the second quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after acquiring an additional 35 shares during the last quarter. Sei Investments Co. boosted its position in Globus Medical by 18.9% during the second quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after acquiring an additional 503 shares during the last quarter. Advisor Group Inc. boosted its position in Globus Medical by 2.0% during the second quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after acquiring an additional 68 shares during the last quarter. Turner Investments LLC bought a new stake in Globus Medical during the second quarter valued at $166,000. Finally, Victory Capital Management Inc. boosted its position in Globus Medical by 17.6% during the second quarter. Victory Capital Management Inc. now owns 5,398 shares of the medical device company’s stock valued at $179,000 after acquiring an additional 808 shares during the last quarter. Institutional investors and hedge funds own 72.20% of the company’s stock.

In other news, insider A Brett Murphy sold 51,449 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the transaction, the insider now owns 49,768 shares of the company’s stock, valued at approximately $1,741,880. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 28.21% of the stock is owned by corporate insiders.

GMED has been the topic of a number of research analyst reports. Barclays reaffirmed an “underweight” rating and set a $28.00 price target (down previously from $30.00) on shares of Globus Medical in a research report on Thursday, August 3rd. BidaskClub raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating in a research report on Friday, November 10th. Gabelli reaffirmed a “buy” rating on shares of Globus Medical in a research report on Friday, August 4th. Finally, Zacks Investment Research cut shares of Globus Medical from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $35.00.

Globus Medical, Inc. (NYSE:GMED) traded up $0.30 during mid-day trading on Wednesday, hitting $37.69. 516,700 shares of the stock were exchanged, compared to its average volume of 680,482. The company has a market cap of $3,573.62, a PE ratio of 29.66, a PEG ratio of 2.89 and a beta of 0.55. Globus Medical, Inc. has a one year low of $21.54 and a one year high of $38.04.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.30. The company had revenue of $151.74 million for the quarter, compared to analysts’ expectations of $150.73 million. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The business’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. research analysts anticipate that Globus Medical, Inc. will post 1.27 earnings per share for the current fiscal year.

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Globus Medical Profile

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.

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

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