Amalgamated Bank Reduces Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Amalgamated Bank lessened its stake in Globus Medical, Inc. (NYSE:GMED) by 5.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,840 shares of the medical device company’s stock after selling 3,053 shares during the quarter. Amalgamated Bank’s holdings in Globus Medical were worth $3,852,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Stephens Inc. AR boosted its stake in shares of Globus Medical by 3.4% in the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after purchasing an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after buying an additional 140 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Globus Medical by 0.4% during the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after acquiring an additional 183 shares during the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in shares of Globus Medical by 6.2% in the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after acquiring an additional 220 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

GMED has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Canaccord Genuity Group upped their price target on shares of Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday. Barclays raised their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Roth Mkm restated a “buy” rating and issued a $100.00 target price on shares of Globus Medical in a research note on Wednesday. Finally, Wells Fargo & Company lifted their price target on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Insider Activity

In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is currently owned by company insiders.

Globus Medical Stock Down 1.4 %

GMED opened at $80.86 on Friday. The company’s 50-day moving average price is $72.28 and its 200 day moving average price is $68.46. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $84.87. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 269.53, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same period in the prior year, the firm earned $0.57 EPS. The business’s quarterly revenue was up 63.1% on a year-over-year basis. Research analysts anticipate that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

About Globus Medical

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.