Healthcare of Ontario Pension Plan Trust Fund Acquires 4,031 Shares of Globus Medical, Inc. (NYSE:GMED)

Posted by on Mar 1st, 2023

Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Globus Medical, Inc. (NYSE:GMED – Get Rating) by 64.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,240 shares of the medical device company’s stock after acquiring an additional 4,031 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Globus Medical were worth $610,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Financial Gravity Asset Management Inc. bought a new stake in shares of Globus Medical during the third quarter worth about $197,000. Securian Asset Management Inc. increased its position in shares of Globus Medical by 3.1% during the second quarter. Securian Asset Management Inc. now owns 7,229 shares of the medical device company’s stock worth $406,000 after acquiring an additional 214 shares in the last quarter. Synovus Financial Corp increased its position in shares of Globus Medical by 2.1% during the second quarter. Synovus Financial Corp now owns 12,271 shares of the medical device company’s stock worth $688,000 after acquiring an additional 250 shares in the last quarter. Gamco Investors INC. ET AL grew its position in Globus Medical by 5.9% in the 1st quarter. Gamco Investors INC. ET AL now owns 4,622 shares of the medical device company’s stock worth $341,000 after purchasing an additional 259 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in Globus Medical by 9.9% in the 3rd quarter. Van ECK Associates Corp now owns 2,899 shares of the medical device company’s stock worth $173,000 after purchasing an additional 261 shares in the last quarter. 74.23% of the stock is owned by institutional investors.

Insider Transactions at Globus Medical

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GMED. Barclays reduced their price objective on shares of Globus Medical from $82.00 to $75.00 in a research report on Wednesday, February 22nd. BTIG Research downgraded shares of Globus Medical from a “buy” rating to a “neutral” rating in a research report on Thursday, February 9th. Truist Financial downgraded shares of Globus Medical from a “buy” rating to a “hold” rating and reduced their target price for the company from $85.00 to $70.00 in a research report on Friday, February 10th. Bank of America cut shares of Globus Medical from a “buy” rating to an “underperform” rating and dropped their price target for the company from $83.00 to $63.00 in a research note on Monday, February 13th. Finally, Loop Capital cut shares of Globus Medical from a “buy” rating to a “hold” rating and dropped their price target for the company from $90.00 to $70.00 in a research note on Friday, February 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $70.91.

Globus Medical Price Performance

NYSE GMED opened at $58.34 on Wednesday. The company’s 50 day simple moving average is $70.39 and its two-hundred day simple moving average is $66.90. The stock has a market capitalization of $5.82 billion, a PE ratio of 31.37, a P/E/G ratio of 2.27 and a beta of 0.99. Globus Medical, Inc. has a 1 year low of $52.60 and a 1 year high of $81.78.

Globus Medical (NYSE:GMED – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The medical device company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The firm had revenue of $274.50 million for the quarter, compared to analyst estimates of $276.40 million. Globus Medical had a net margin of 18.59% and a return on equity of 11.93%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.49 EPS. On average, research analysts anticipate that Globus Medical, Inc. will post 2.3 EPS for the current year.

Globus Medical Company Profile

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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.

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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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