Mutual of America Capital Management LLC Sells 953 Shares of Globus Medical, Inc. (NYSE:GMED)

Posted by on Aug 6th, 2023

Mutual of America Capital Management LLC cut its holdings in shares of Globus Medical, Inc. (NYSE:GMED – Free Report) by 1.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 62,657 shares of the medical device company’s stock after selling 953 shares during the period. Mutual of America Capital Management LLC owned approximately 0.06% of Globus Medical worth $3,549,000 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 GMED. Benjamin Edwards Inc. lifted its stake in shares of Globus Medical by 51.9% during the 4th quarter. Benjamin Edwards Inc. now owns 439 shares of the medical device company’s stock valued at $33,000 after buying an additional 150 shares in the last quarter. Arizona State Retirement System boosted its position in Globus Medical by 0.9% during the 4th quarter. Arizona State Retirement System now owns 21,739 shares of the medical device company’s stock valued at $1,615,000 after buying an additional 190 shares during the period. State of Michigan Retirement System boosted its position in Globus Medical by 1.0% during the 4th quarter. State of Michigan Retirement System now owns 19,661 shares of the medical device company’s stock valued at $1,460,000 after buying an additional 200 shares during the period. Captrust Financial Advisors boosted its position in Globus Medical by 0.8% during the 3rd quarter. Captrust Financial Advisors now owns 28,776 shares of the medical device company’s stock valued at $1,714,000 after buying an additional 227 shares during the period. Finally, Thrivent Financial for Lutherans boosted its position in Globus Medical by 1.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 20,620 shares of the medical device company’s stock valued at $1,531,000 after buying an additional 231 shares during the period. 73.70% of the stock is owned by institutional investors.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $56.71 on Friday. The firm has a market cap of $5.69 billion, a PE ratio of 28.21, a price-to-earnings-growth ratio of 2.12 and a beta of 1.06. The firm’s 50 day simple moving average is $58.50 and its 200-day simple moving average is $59.51. Globus Medical, Inc. has a one year low of $50.92 and a one year high of $80.04.

Globus Medical (NYSE:GMED – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The medical device company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.03. The company had revenue of $291.62 million for the quarter, compared to analyst estimates of $279.54 million. Globus Medical had a net margin of 18.63% and a return on equity of 12.36%. Globus Medical’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $0.56 earnings per share. Equities research analysts predict that Globus Medical, Inc. will post 2.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on GMED shares. Wells Fargo & Company increased their price target on shares of Globus Medical from $61.00 to $63.00 and gave the company an “equal weight” rating in a research report on Friday. Truist Financial raised their target price on shares of Globus Medical from $64.00 to $68.00 in a research report on Wednesday, July 19th. Finally, StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $70.00.

Insider Transactions at Globus Medical

In other Globus Medical news, Director Dan Lemaitre sold 43,450 shares of Globus Medical stock in a transaction on Monday, May 15th. The shares were sold at an average price of $56.98, for a total value of $2,475,781.00. Following the completion of the transaction, the director now owns 10,800 shares of the company’s stock, valued at $615,384. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 24.30% of the company’s stock.

Globus Medical Company Profile

(Free Report)

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It 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 pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.

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

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