BlackRock Inc. raised its position in shares of Globus Medical Inc (NYSE:GMED) by 14.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 9,201,726 shares of the medical device company’s stock after purchasing an additional 1,190,681 shares during the quarter. BlackRock Inc. owned approximately 9.44% of Globus Medical worth $464,318,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its position in Globus Medical by 19.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,335,595 shares of the medical device company’s stock valued at $67,394,000 after purchasing an additional 221,613 shares during the period. Point72 Asset Management L.P. increased its position in Globus Medical by 23.0% during the 1st quarter. Point72 Asset Management L.P. now owns 556,998 shares of the medical device company’s stock valued at $27,750,000 after purchasing an additional 104,195 shares during the period. Canada Pension Plan Investment Board increased its position in Globus Medical by 140.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 486,900 shares of the medical device company’s stock valued at $24,569,000 after purchasing an additional 284,600 shares during the period. Schwab Charles Investment Management Inc. increased its position in Globus Medical by 5.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 443,323 shares of the medical device company’s stock valued at $22,371,000 after purchasing an additional 21,548 shares during the period. Finally, Principal Financial Group Inc. increased its position in Globus Medical by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 362,540 shares of the medical device company’s stock valued at $18,062,000 after purchasing an additional 11,481 shares during the period. 63.91% of the stock is owned by institutional investors and hedge funds.

In related news, VP Eric Schwartz sold 10,000 shares of the stock in a transaction on Monday, June 25th. The stock was sold at an average price of $53.79, for a total value of $537,900.00. Following the transaction, the vice president now directly owns 10,000 shares in the company, valued at approximately $537,900. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David C. Paul sold 6,841 shares of the stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $52.95, for a total value of $362,230.95. Following the completion of the transaction, the insider now owns 605,871 shares in the company, valued at $32,080,869.45. The disclosure for this sale can be found here. Insiders have sold a total of 138,508 shares of company stock worth $7,730,516 over the last 90 days. Company insiders own 28.44% of the company’s stock.

Globus Medical stock opened at $52.88 on Friday. The company has a market cap of $5.25 billion, a price-to-earnings ratio of 40.37, a price-to-earnings-growth ratio of 2.74 and a beta of 0.61. Globus Medical Inc has a 52-week low of $28.36 and a 52-week high of $57.55.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Wednesday, August 1st. The medical device company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. The firm had revenue of $173.40 million for the quarter, compared to analysts’ expectations of $168.03 million. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.32 EPS. sell-side analysts anticipate that Globus Medical Inc will post 1.55 earnings per share for the current fiscal year.

A number of research firms have weighed in on GMED. Zacks Investment Research raised shares of Globus Medical from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Tuesday, August 14th. Oppenheimer set a $57.00 target price on shares of Globus Medical and gave the company a “hold” rating in a research report on Thursday, August 2nd. Needham & Company LLC increased their target price on shares of Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Morgan Stanley increased their target price on shares of Globus Medical from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, August 2nd. Finally, Bank of America downgraded shares of Globus Medical from a “neutral” rating to an “underperform” rating and set a $55.00 target price for the company. in a research report on Wednesday, June 27th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $54.36.

Globus Medical Profile

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.

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

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