State of New Jersey Common Pension Fund D Lowers Position in Globus Medical, Inc. (NYSE:GMED)

State of New Jersey Common Pension Fund D lowered its holdings in Globus Medical, Inc. (NYSE:GMED) by 41.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,885 shares of the medical device company’s stock after selling 45,667 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Globus Medical were worth $3,458,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GMED. DekaBank Deutsche Girozentrale bought a new position in shares of Globus Medical during the 3rd quarter valued at about $28,000. Allworth Financial LP increased its position in shares of Globus Medical by 25.7% during the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after purchasing an additional 254 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Globus Medical by 122.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock valued at $74,000 after purchasing an additional 823 shares during the last quarter. Wolverine Asset Management LLC bought a new position in shares of Globus Medical during the 3rd quarter valued at about $89,000. Finally, Coldstream Capital Management Inc. bought a new position in shares of Globus Medical during the 3rd quarter valued at about $205,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GMED shares. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Stifel Nicolaus raised their price target on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Truist Financial raised their price target on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Finally, BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Monday, March 18th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.33.

Globus Medical Price Performance

Shares of GMED stock opened at $50.55 on Friday. The firm has a market cap of $6.84 billion, a P/E ratio of 43.21, a P/E/G ratio of 1.48 and a beta of 1.08. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $62.88. The business’s 50 day moving average price is $53.00 and its 200-day moving average price is $51.33. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. The firm had revenue of $616.53 million for the quarter, compared to analyst estimates of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business’s quarterly revenue was up 124.6% compared to the same quarter last year. During the same period last year, the company earned $0.59 EPS. On average, equities research analysts anticipate that Globus Medical, Inc. will post 2.69 earnings per share for the current year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 24.30% of the stock is currently owned by company insiders.

Globus Medical Company 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.