Public Employees Retirement Association of Colorado Acquires 298,162 Shares of Globus Medical, Inc. (NYSE:GMED)

Public Employees Retirement Association of Colorado boosted its position in shares of Globus Medical, Inc. (NYSE:GMED) by 2,272.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 311,285 shares of the medical device company’s stock after purchasing an additional 298,162 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Globus Medical were worth $16,697,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its holdings in Globus Medical by 7.7% during 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 last quarter. Magnetar Financial LLC raised its stake in shares of Globus Medical by 198.6% during the 1st quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock worth $90,613,000 after acquiring an additional 1,123,540 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Globus Medical by 0.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 139,320 shares of the medical device company’s stock worth $7,473,000 after acquiring an additional 616 shares in the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of Globus Medical by 46.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock worth $133,018,000 after acquiring an additional 782,285 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Globus Medical by 26.4% during the 1st quarter. Bessemer Group Inc. now owns 34,951 shares of the medical device company’s stock valued at $1,875,000 after purchasing an additional 7,294 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Performance

NYSE GMED traded down $0.21 during mid-day trading on Monday, reaching $71.68. 564,397 shares of the stock were exchanged, compared to its average volume of 1,077,573. The business’s 50 day moving average is $68.22 and its 200-day moving average is $59.03. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $74.16. The company has a market capitalization of $9.70 billion, a P/E ratio of 112.33, a P/E/G ratio of 2.00 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The firm had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. During the same period in the prior year, the firm posted $0.53 earnings per share. The firm’s quarterly revenue was up 119.3% compared to the same quarter last year. Equities analysts predict that Globus Medical, Inc. will post 2.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Piper Sandler upgraded shares of Globus Medical from a “neutral” rating to an “overweight” rating and upped their price target for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Morgan Stanley upped their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. BTIG Research increased their price objective on shares of Globus Medical from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Truist Financial increased their price objective on shares of Globus Medical from $63.00 to $78.00 and gave the stock a “hold” rating in a research note on Tuesday, July 16th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $73.30.

Insider Buying and Selling

In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,300 shares of company stock valued at $5,459,813. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Company 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.