Zurcher Kantonalbank Zurich Cantonalbank lowered its position in shares of Globus Medical Inc (NYSE:GMED) by 17.4% during the first quarter, HoldingsChannel reports. The firm owned 4,113 shares of the medical device company’s stock after selling 864 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Globus Medical were worth $203,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of GMED. BlackRock Inc. increased its position in Globus Medical by 0.6% during the 4th quarter. BlackRock Inc. now owns 9,513,779 shares of the medical device company’s stock worth $411,756,000 after purchasing an additional 57,503 shares during the period. Vanguard Group Inc increased its position in Globus Medical by 3.4% during the 3rd quarter. Vanguard Group Inc now owns 6,735,494 shares of the medical device company’s stock worth $382,306,000 after purchasing an additional 219,780 shares during the period. Investec Asset Management LTD acquired a new position in Globus Medical during the 4th quarter worth approximately $64,761,000. Oregon Public Employees Retirement Fund increased its position in Globus Medical by 4,284.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,250,619 shares of the medical device company’s stock worth $29,000 after purchasing an additional 1,222,096 shares during the period. Finally, Victory Capital Management Inc. increased its position in Globus Medical by 2.2% during the 4th quarter. Victory Capital Management Inc. now owns 1,218,753 shares of the medical device company’s stock worth $52,747,000 after purchasing an additional 25,811 shares during the period. Hedge funds and other institutional investors own 68.65% of the company’s stock.
In related news, Director James R. Tobin sold 37,000 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $47.59, for a total value of $1,760,830.00. Following the sale, the director now owns 8,900 shares of the company’s stock, valued at approximately $423,551. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Anthony L. Williams sold 212,082 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $46.83, for a total value of $9,931,800.06. Following the completion of the sale, the president now directly owns 89,583 shares in the company, valued at approximately $4,195,171.89. The disclosure for this sale can be found here. Insiders have sold a total of 426,852 shares of company stock worth $20,061,774 in the last three months. Corporate insiders own 24.97% of the company’s stock.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, May 2nd. The medical device company reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.05). The firm had revenue of $182.90 million for the quarter, compared to analysts’ expectations of $186.59 million. Globus Medical had a return on equity of 14.09% and a net margin of 20.81%. Globus Medical’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. On average, sell-side analysts expect that Globus Medical Inc will post 1.72 EPS for the current year.
Several equities analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $52.00 target price (down previously from $57.00) on shares of Globus Medical in a research report on Friday, May 3rd. Zacks Investment Research upgraded Globus Medical from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research report on Wednesday, April 24th. Cantor Fitzgerald reiterated a “buy” rating and set a $60.00 target price on shares of Globus Medical in a research report on Friday, March 1st. UBS Group upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Thursday, February 28th. Finally, Oppenheimer reiterated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $56.30.
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Globus Medical Company 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 a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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