Globus Medical, Inc. (NYSE:GMED) Shares Sold by Bridgewater Associates LP

Bridgewater Associates LP lowered its position in Globus Medical, Inc. (NYSE:GMED) by 74.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,853 shares of the medical device company’s stock after selling 96,509 shares during the quarter. Bridgewater Associates LP’s holdings in Globus Medical were worth $2,350,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Swedbank AB increased its position in Globus Medical by 15.4% in the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after acquiring an additional 50,000 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after purchasing an additional 172,605 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Globus Medical during the second quarter valued at about $611,000. Quest Partners LLC bought a new position in Globus Medical in the 3rd quarter valued at about $523,000. Finally, Intech Investment Management LLC grew its position in Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after buying an additional 15,283 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on GMED shares. Canaccord Genuity Group upped their price target on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley upped their target price on Globus Medical from $74.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. BTIG Research lifted their price target on Globus Medical from $77.00 to $78.00 and gave the company 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 report on Wednesday, November 6th. Finally, Truist Financial raised their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $88.18.

Insiders Place Their Bets

In other Globus Medical news, 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 transaction of $405,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 110,000 shares of company stock worth $8,512,850. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Stock Up 0.4 %

NYSE:GMED opened at $85.61 on Friday. The stock has a fifty day simple moving average of $76.26 and a 200 day simple moving average of $71.58. The firm has a market capitalization of $11.66 billion, a price-to-earnings ratio of 127.78, a price-to-earnings-growth ratio of 2.03 and a beta of 1.17. Globus Medical, Inc. has a 1-year low of $44.02 and a 1-year high of $86.00.

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