Globus Medical, Inc. (NYSE:GMED) Shares Sold by Envestnet Asset Management Inc.

Posted by Defense World Staff on Feb 24th, 2023

Envestnet Asset Management Inc. lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED – Get Rating) by 11.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 299,785 shares of the medical device company’s stock after selling 38,123 shares during the quarter. Envestnet Asset Management Inc. owned 0.30% of Globus Medical worth $17,858,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Horizon Advisors Inc. boosted its stake in shares of Globus Medical by 3,325.0% in the second quarter. First Horizon Advisors Inc. now owns 548 shares of the medical device company’s stock valued at $30,000 after purchasing an additional 532 shares during the period. SeaCrest Wealth Management LLC acquired a new position in Globus Medical in the 2nd quarter worth $31,000. Signaturefd LLC boosted its position in Globus Medical by 192.9% in the 3rd quarter. Signaturefd LLC now owns 820 shares of the medical device company’s stock valued at $49,000 after buying an additional 540 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new stake in shares of Globus Medical during the third quarter valued at about $50,000. Finally, Covestor Ltd increased its position in shares of Globus Medical by 86.5% during the first quarter. Covestor Ltd now owns 785 shares of the medical device company’s stock worth $58,000 after acquiring an additional 364 shares during the last quarter. Hedge funds and other institutional investors own 74.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GMED shares. Loop Capital downgraded Globus Medical from a “buy” rating to a “hold” rating and reduced their price target for the company from $90.00 to $70.00 in a report on Friday, February 10th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Thursday. Truist Financial cut shares of Globus Medical from a “buy” rating to a “hold” rating and cut their price target for the company from $85.00 to $70.00 in a report on Friday, February 10th. Canaccord Genuity Group decreased their price objective on shares of Globus Medical from $75.00 to $67.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Needham & Company LLC downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, February 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Globus Medical presently has a consensus rating of “Hold” and an average price target of $70.91.

Insider Activity

In related news, SVP Kelly Huller sold 7,500 shares of the stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $75.00, for a total value of $562,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Globus Medical news, CFO Keith W. Pfeil sold 29,167 shares of Globus Medical stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $77.57, for a total transaction of $2,262,484.19. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Kelly Huller sold 7,500 shares of the stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $75.00, for a total value of $562,500.00. The disclosure for this sale can be found here. Corporate insiders own 24.41% of the company’s stock.

Globus Medical Stock Up 0.2 %

Shares of NYSE GMED opened at $59.54 on Friday. The firm’s 50-day moving average price is $71.17 and its two-hundred day moving average price is $67.01. Globus Medical, Inc. has a 52-week low of $52.60 and a 52-week high of $81.78. The stock has a market capitalization of $5.94 billion, a P/E ratio of 32.01, a P/E/G ratio of 2.28 and a beta of 0.99.

Globus Medical (NYSE:GMED – Get Rating) last announced its quarterly earnings results on Tuesday, February 21st. The medical device company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.04. The business had revenue of $274.50 million for the quarter, compared to the consensus estimate of $276.40 million. Globus Medical had a return on equity of 12.09% and a net margin of 18.59%. The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $0.49 EPS. As a group, equities research analysts expect that Globus Medical, Inc. will post 2.31 earnings per share for the current year.

Globus Medical Profile

(Get Rating)

Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.