Commerce Bank Trims Holdings in Globus Medical, Inc. (NYSE:GMED)

Commerce Bank lowered its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 3.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 10,319 shares of the medical device company’s stock after selling 337 shares during the period. Commerce Bank’s holdings in Globus Medical were worth $738,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in Globus Medical by 7.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,151,660 shares of the medical device company’s stock valued at $61,776,000 after acquiring an additional 81,944 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Globus Medical in the first quarter valued at approximately $404,000. Comerica Bank increased its stake in Globus Medical by 0.5% during the 1st quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock worth $2,940,000 after buying an additional 293 shares during the period. Swedbank AB acquired a new stake in Globus Medical during the 1st quarter worth approximately $17,433,000. Finally, Cetera Advisors LLC purchased a new position in Globus Medical in the 1st quarter valued at approximately $204,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insider Activity

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Over the last ninety days, 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 Price Performance

NYSE GMED opened at $84.49 on Tuesday. Globus Medical, Inc. has a 12 month low of $44.02 and a 12 month high of $85.33. The company has a market capitalization of $11.51 billion, a price-to-earnings ratio of 126.10, a price-to-earnings-growth ratio of 2.02 and a beta of 1.17. The firm’s fifty day moving average price is $75.05 and its 200 day moving average price is $71.04.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business’s revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 earnings per share. As a group, sell-side analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

GMED has been the topic of a number of recent research reports. Royal Bank of Canada upped their price objective on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Morgan Stanley increased their price target on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Wells Fargo & Company boosted their price objective on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Bank of America lifted their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.18.

Globus Medical 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.