Morgan Stanley lessened its position in shares of Globus Medical Inc (NYSE:GMED) by 9.3% during the third quarter, Holdings Channel reports. The institutional investor owned 478,056 shares of the medical device company’s stock after selling 48,895 shares during the quarter. Morgan Stanley’s holdings in Globus Medical were worth $27,135,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Kepos Capital LP acquired a new position in shares of Globus Medical during the 3rd quarter valued at $748,000. Standard Life Aberdeen plc increased its position in shares of Globus Medical by 3.3% during the 3rd quarter. Standard Life Aberdeen plc now owns 1,234,557 shares of the medical device company’s stock valued at $70,074,000 after purchasing an additional 39,338 shares during the period. Csenge Advisory Group acquired a new position in shares of Globus Medical during the 3rd quarter valued at $196,000. Nordea Investment Management AB increased its position in shares of Globus Medical by 154.7% during the 3rd quarter. Nordea Investment Management AB now owns 206,254 shares of the medical device company’s stock valued at $11,707,000 after purchasing an additional 125,274 shares during the period. Finally, Glenmede Trust Co. NA increased its position in shares of Globus Medical by 56.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 5,187 shares of the medical device company’s stock valued at $294,000 after purchasing an additional 1,862 shares during the period. 65.19% of the stock is currently owned by institutional investors.
Several equities analysts have recently issued reports on the company. ValuEngine upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Thursday, January 10th. Zacks Investment Research cut Globus Medical from a “buy” rating to a “hold” rating in a report on Tuesday, January 8th. Credit Suisse Group initiated coverage on Globus Medical in a report on Monday, December 17th. They issued an “outperform” rating and a $53.00 target price on the stock. Leerink Swann lifted their target price on Globus Medical from $61.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, November 9th. Finally, Oppenheimer set a $61.00 target price on Globus Medical and gave the stock a “hold” rating in a report on Friday, November 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Globus Medical has an average rating of “Hold” and an average target price of $56.50.
Shares of Globus Medical stock opened at $43.49 on Friday. The firm has a market capitalization of $4.23 billion, a PE ratio of 26.49, a price-to-earnings-growth ratio of 2.03 and a beta of 0.73. Globus Medical Inc has a 12 month low of $38.01 and a 12 month high of $57.83.
Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, November 8th. The medical device company reported $0.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.06. The business had revenue of $169.20 million during the quarter, compared to analysts’ expectations of $167.47 million. Globus Medical had a return on equity of 15.36% and a net margin of 20.79%. Globus Medical’s revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 earnings per share. Research analysts expect that Globus Medical Inc will post 1.62 EPS for the current year.
Globus Medical Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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