Profit Investment Management LLC Decreases Stake in Globus Medical, Inc. $GMED

Profit Investment Management LLC lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 67.6% during the 4th quarter, HoldingsChannel reports. The firm owned 6,149 shares of the medical device company’s stock after selling 12,838 shares during the period. Globus Medical comprises approximately 2.2% of Profit Investment Management LLC’s holdings, making the stock its 21st biggest position. Profit Investment Management LLC’s holdings in Globus Medical were worth $537,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the business. Advisory Services Network LLC acquired a new stake in shares of Globus Medical in the third quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted its position in Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after acquiring an additional 197 shares during the last quarter. Advisors Asset Management Inc. acquired a new position in Globus Medical during the second quarter worth about $28,000. First Horizon Corp purchased a new stake in Globus Medical during the 3rd quarter valued at about $31,000. Finally, Parallel Advisors LLC grew its stake in Globus Medical by 45.1% during the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Down 0.3%

Globus Medical stock opened at $86.07 on Friday. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $101.40. The stock has a market cap of $11.64 billion, a P/E ratio of 21.84, a PEG ratio of 2.02 and a beta of 1.05. The company has a 50-day moving average price of $90.10 and a 200 day moving average price of $79.27.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.22. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The company had revenue of $826.42 million for the quarter, compared to analyst estimates of $803.29 million. During the same period in the previous year, the business posted $0.84 EPS. Globus Medical’s revenue was up 25.7% on a year-over-year basis. As a group, analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Needham & Company LLC increased their price objective on shares of Globus Medical from $112.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. BTIG Research restated a “neutral” rating on shares of Globus Medical in a report on Tuesday, December 30th. Piper Sandler restated an “overweight” rating and issued a $115.00 price target (up from $90.00) on shares of Globus Medical in a research report on Thursday, January 8th. Wells Fargo & Company raised Globus Medical to a “strong-buy” rating in a report on Wednesday. Finally, Canaccord Genuity Group lifted their price objective on Globus Medical from $105.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average price target of $104.36.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 2,000 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the completion of the sale, the director owned 10,419 shares of the company’s stock, valued at $1,053,360.90. This trade represents a 16.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kelly Huller sold 20,000 shares of Globus Medical stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total value of $1,890,000.00. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 35,594 shares of company stock worth $3,332,253. Insiders own 18.51% of the company’s stock.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.