Los Angeles Capital Management LLC Trims Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Los Angeles Capital Management LLC decreased its stake in Globus Medical, Inc. (NYSE:GMED – Get Rating) by 87.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,480 shares of the medical device company’s stock after selling 37,902 shares during the period. Los Angeles Capital Management LLC’s holdings in Globus Medical were worth $407,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Gravity Asset Management Inc. purchased a new stake in shares of Globus Medical during the third quarter worth about $197,000. Ronald Blue Trust Inc. grew its position in shares of Globus Medical by 160.1% during the fourth quarter. Ronald Blue Trust Inc. now owns 450 shares of the medical device company’s stock worth $27,000 after purchasing an additional 277 shares in the last quarter. Financial Advocates Investment Management purchased a new stake in shares of Globus Medical during the third quarter worth about $200,000. Covestor Ltd grew its position in shares of Globus Medical by 86.5% during the first quarter. Covestor Ltd now owns 785 shares of the medical device company’s stock worth $58,000 after purchasing an additional 364 shares in the last quarter. Finally, Signaturefd LLC grew its position in shares of Globus Medical by 192.9% during the third quarter. Signaturefd LLC now owns 820 shares of the medical device company’s stock worth $49,000 after purchasing an additional 540 shares in the last quarter. Hedge funds and other institutional investors own 74.23% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $58.45 on Friday. Globus Medical, Inc. has a 52-week low of $50.92 and a 52-week high of $80.04. The firm has a market capitalization of $5.86 billion, a P/E ratio of 31.42, a P/E/G ratio of 1.95 and a beta of 1.06. The stock has a 50 day moving average price of $56.29 and a 200 day moving average price of $65.20.

Globus Medical (NYSE:GMED – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The medical device company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. Globus Medical had a return on equity of 11.93% and a net margin of 18.59%. The firm had revenue of $276.90 million during the quarter, compared to analyst estimates of $254.05 million. During the same period last year, the company earned $0.42 EPS. Globus Medical’s quarterly revenue was up 20.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Globus Medical, Inc. will post 2.3 EPS for the current year.

Analyst Upgrades and Downgrades

GMED has been the subject of several research analyst reports. Needham & Company LLC cut Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, February 10th. Truist Financial cut Globus Medical from a “buy” rating to a “hold” rating and cut their price target for the company from $85.00 to $70.00 in a report on Friday, February 10th. BTIG Research cut Globus Medical from a “buy” rating to a “neutral” rating in a report on Thursday, February 9th. Bank of America cut Globus Medical from a “buy” rating to an “underperform” rating and cut their price target for the company from $83.00 to $63.00 in a report on Monday, February 13th. Finally, Wells Fargo & Company cut their price target on Globus Medical from $67.00 to $61.00 and set an “equal weight” rating for the company in a report on Wednesday, February 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Globus Medical currently has an average rating of “Hold” and an average price target of $70.91.

Globus Medical Profile

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.