The Manufacturers Life Insurance Company Sells 21,440 Shares of Globus Medical, Inc. (NYSE:GMED)

The Manufacturers Life Insurance Company decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 2.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,065,744 shares of the medical device company’s stock after selling 21,440 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Globus Medical were worth $76,243,000 at the end of the most recent quarter.

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

Insider Transactions at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction 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 sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were 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 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 Performance

Shares of GMED opened at $85.29 on Thursday. The stock has a fifty day moving average price of $75.67 and a two-hundred day moving average price of $71.27. The company has a market cap of $11.61 billion, a price-to-earnings ratio of 127.30, a PEG ratio of 2.02 and a beta of 1.17. Globus Medical, Inc. has a 52-week low of $44.02 and a 52-week high of $85.74.

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

Wall Street Analysts Forecast Growth

GMED has been the topic of a number of research reports. Barclays boosted their price objective on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Roth Mkm reiterated a “buy” rating and set a $100.00 target price on shares of Globus Medical in a research report on Wednesday, November 6th. Bank of America raised 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. Finally, Morgan Stanley upped their price objective on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.