Teza Capital Management LLC Purchases 653 Shares of Globus Medical, Inc. (NYSE:GMED)

Posted by Defense World Staff on Mar 13th, 2023

Teza Capital Management LLC grew its position in shares of Globus Medical, Inc. (NYSE:GMED – Get Rating) by 13.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 5,454 shares of the medical device company’s stock after acquiring an additional 653 shares during the quarter. Teza Capital Management LLC’s holdings in Globus Medical were worth $325,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its position in Globus Medical by 0.7% in the first quarter. BlackRock Inc. now owns 7,347,858 shares of the medical device company’s stock worth $542,124,000 after buying an additional 48,913 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in Globus Medical by 125.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,562,730 shares of the medical device company’s stock worth $256,152,000 after buying an additional 2,542,264 shares during the last quarter. Wellington Management Group LLP lifted its position in Globus Medical by 0.6% in the first quarter. Wellington Management Group LLP now owns 3,236,599 shares of the medical device company’s stock worth $238,796,000 after buying an additional 20,375 shares during the last quarter. State Street Corp lifted its position in Globus Medical by 2.9% in the first quarter. State Street Corp now owns 2,219,112 shares of the medical device company’s stock worth $163,726,000 after buying an additional 62,156 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its position in Globus Medical by 375.9% in the second quarter. William Blair Investment Management LLC now owns 1,734,795 shares of the medical device company’s stock worth $97,391,000 after buying an additional 1,370,271 shares during the last quarter. 74.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 29,167 shares of the company’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $77.57, for a total value of $2,262,484.19. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 24.41% of the stock is currently owned by corporate insiders.

Globus Medical Trading Down 0.7 %

Shares of Globus Medical stock opened at $54.51 on Monday. The firm has a market cap of $5.47 billion, a P/E ratio of 29.31, a P/E/G ratio of 1.87 and a beta of 1.05. Globus Medical, Inc. has a 12 month low of $52.60 and a 12 month high of $81.78. The stock’s fifty day moving average price is $67.73 and its 200-day moving average price is $66.49.

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GMED shares. Morgan Stanley increased their target price on Globus Medical from $68.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, January 6th. Needham & Company LLC lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, February 10th. Bank of America lowered Globus Medical from a “buy” rating to an “underperform” rating and reduced their target price for the stock from $83.00 to $63.00 in a research note on Monday, February 13th. Truist Financial lowered Globus Medical from a “buy” rating to a “hold” rating and reduced their target price for the stock from $85.00 to $70.00 in a research note on Friday, February 10th. Finally, Wells Fargo & Company reduced their target price on Globus Medical from $67.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $70.91.

Globus Medical 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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