Burgundy Asset Management Ltd. Sells 20,455 Shares of Globus Medical, Inc. $GMED

Burgundy Asset Management Ltd. reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 0.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,460,983 shares of the medical device company’s stock after selling 20,455 shares during the period. Globus Medical makes up 2.0% of Burgundy Asset Management Ltd.’s investment portfolio, making the stock its 14th biggest position. Burgundy Asset Management Ltd.’s holdings in Globus Medical were worth $212,054,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its position in Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after purchasing an additional 197 shares during the period. Advisors Asset Management Inc. acquired a new stake in shares of Globus Medical during the 2nd quarter worth approximately $28,000. First Horizon Corp bought a new position in Globus Medical in the third quarter valued at approximately $31,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Globus Medical during the third quarter valued at approximately $36,000. Finally, CENTRAL TRUST Co bought a new stake in Globus Medical during the second quarter worth $39,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Ratings Changes

GMED has been the topic of several recent analyst reports. Royal Bank Of Canada lifted their price target on Globus Medical from $92.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Wells Fargo & Company increased their target price on shares of Globus Medical from $98.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, February 26th. Zacks Research lowered shares of Globus Medical from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. Barclays increased their price objective on shares of Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Finally, Truist Financial set a $115.00 target price on shares of Globus Medical in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and a consensus price target of $104.36.

Globus Medical Trading Down 1.4%

Shares of GMED opened at $90.39 on Thursday. The stock’s 50-day moving average price is $90.87 and its two-hundred day moving average price is $77.12. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $101.40. The company has a market capitalization of $12.10 billion, a PE ratio of 22.94, a PEG ratio of 2.14 and a beta of 1.05.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.22. The company had revenue of $826.42 million during the quarter, compared to the consensus estimate of $803.29 million. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The firm’s revenue was up 25.7% compared to the same quarter last year. During the same period last year, the company earned $0.84 earnings per share. Equities research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In related news, CFO Kyle Kline sold 3,594 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $363,353.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kelly Huller sold 20,000 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 35,594 shares of company stock worth $3,332,253. Company insiders own 18.51% of the company’s stock.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.