Massachusetts Financial Services Co. MA Acquires New Holdings in Globus Medical, Inc. (NYSE:GMED)

Massachusetts Financial Services Co. MA acquired a new stake in Globus Medical, Inc. (NYSE:GMED) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 369,102 shares of the medical device company’s stock, valued at approximately $26,406,000.

Several other hedge funds have also recently bought and sold shares of the company. Burgundy Asset Management Ltd. lifted its position in Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after purchasing an additional 35,054 shares during the last quarter. Magnetar Financial LLC lifted its position in Globus Medical by 1.7% in the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after purchasing an additional 29,200 shares during the last quarter. Geneva Capital Management LLC lifted its position in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares during the last quarter. AXA S.A. lifted its position in Globus Medical by 0.5% in the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock valued at $101,245,000 after purchasing an additional 7,443 shares during the last quarter. Finally, Millennium Management LLC lifted its position in Globus Medical by 1,171.5% in the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after purchasing an additional 1,256,570 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Insider Transactions at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical 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. This trade represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $8,512,850 over the last ninety days. Corporate insiders own 18.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on GMED shares. Truist Financial boosted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company boosted their price target on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. BTIG Research boosted their price target on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, Roth Mkm restated a “buy” rating and set a $100.00 price target on shares of Globus Medical in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and a consensus target price of $88.18.

Globus Medical Price Performance

NYSE GMED opened at $84.49 on Tuesday. The company’s 50 day simple moving average is $75.05 and its 200 day simple moving average is $71.04. 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 P/E ratio of 126.10, a PEG ratio of 2.02 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. On average, analysts anticipate that Globus Medical, Inc. will post 2.98 earnings per share for the current 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.