New York State Common Retirement Fund Lowers Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

New York State Common Retirement Fund reduced its position in Globus Medical, Inc. (NYSE:GMED) by 11.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,492 shares of the medical device company’s stock after selling 13,246 shares during the quarter. New York State Common Retirement Fund owned 0.07% of Globus Medical worth $5,249,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC boosted its stake in Globus Medical by 107.5% in the third quarter. SG Americas Securities LLC now owns 16,798 shares of the medical device company’s stock worth $834,000 after buying an additional 8,702 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Globus Medical by 40.8% in the third quarter. State of Alaska Department of Revenue now owns 13,950 shares of the medical device company’s stock worth $692,000 after purchasing an additional 4,045 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Globus Medical by 75.3% in the third quarter. Commonwealth Equity Services LLC now owns 10,424 shares of the medical device company’s stock worth $518,000 after buying an additional 4,476 shares during the period. Xponance Inc. raised its holdings in Globus Medical by 83.1% during the 3rd quarter. Xponance Inc. now owns 17,641 shares of the medical device company’s stock valued at $876,000 after buying an additional 8,008 shares during the last quarter. Finally, Maryland State Retirement & Pension System boosted its position in Globus Medical by 49.5% during the 3rd quarter. Maryland State Retirement & Pension System now owns 8,972 shares of the medical device company’s stock valued at $445,000 after buying an additional 2,972 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Stifel Nicolaus increased their price objective on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Monday, March 18th. Finally, Truist Financial upped their target price on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and an average target price of $66.33.

Insider Activity

In related news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 24.30% of the company’s stock.

Globus Medical Price Performance

Shares of GMED opened at $51.95 on Friday. The firm’s 50-day simple moving average is $52.57 and its two-hundred day simple moving average is $51.22. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $62.88. The stock has a market cap of $7.03 billion, a PE ratio of 44.40, a price-to-earnings-growth ratio of 1.49 and a beta of 1.11. 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 posted its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. The company had revenue of $616.53 million for the quarter, compared to the consensus estimate of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm’s quarterly revenue was up 124.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.59 EPS. Analysts anticipate that Globus Medical, Inc. will post 2.69 earnings per share for the current fiscal year.

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.