Arizona State Retirement System Acquires 358 Shares of Globus Medical, Inc. (NYSE:GMED)

Arizona State Retirement System boosted its holdings in Globus Medical, Inc. (NYSE:GMED) by 1.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,788 shares of the medical device company’s stock after purchasing an additional 358 shares during the period. Arizona State Retirement System’s holdings in Globus Medical were worth $2,712,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Oak Thistle LLC purchased a new position in shares of Globus Medical in the fourth quarter worth about $376,000. bLong Financial LLC bought a new position in Globus Medical during the 4th quarter worth approximately $397,000. Kathmere Capital Management LLC purchased a new position in Globus Medical in the 4th quarter worth approximately $23,091,000. Quest Partners LLC purchased a new position in Globus Medical in the 3rd quarter worth approximately $523,000. Finally, Intech Investment Management LLC lifted its position in Globus Medical by 291.3% in the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after purchasing an additional 15,283 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 18.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Canaccord Genuity Group raised their price target on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Finally, Wells Fargo & Company reduced their price target on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.82.

Globus Medical Stock Performance

GMED stock opened at $77.48 on Monday. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The company has a market capitalization of $10.66 billion, a price-to-earnings ratio of 103.31, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. The business’s 50 day moving average price is $85.90 and its two-hundred day moving average price is $79.77.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. The company had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. Sell-side analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

About Globus Medical

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.