California State Teachers Retirement System Has $4.15 Million Stake in Globus Medical, Inc. (GMED)
California State Teachers Retirement System lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 9.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 125,036 shares of the medical device company’s stock after selling 13,000 shares during the period. California State Teachers Retirement System owned 0.17% of Globus Medical worth $4,145,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Globus Medical by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,538 shares of the medical device company’s stock worth $349,000 after purchasing an additional 31 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Globus Medical by 1.2% in the second quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after purchasing an additional 35 shares in the last quarter. Alps Advisors Inc. lifted its stake in Globus Medical by 0.3% in the second quarter. Alps Advisors Inc. now owns 17,464 shares of the medical device company’s stock valued at $579,000 after buying an additional 45 shares during the last quarter. Advisor Group Inc. lifted its stake in Globus Medical by 2.0% in the second quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after buying an additional 68 shares during the last quarter. Finally, Citigroup Inc. lifted its stake in Globus Medical by 2.8% in the second quarter. Citigroup Inc. now owns 5,950 shares of the medical device company’s stock valued at $197,000 after buying an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 65.64% of the company’s stock.
Shares of Globus Medical, Inc. (NYSE:GMED) opened at $31.36 on Friday. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 25.08, a P/E/G ratio of 2.35 and a beta of 0.55.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.02. The firm had revenue of $152.39 million during the quarter, compared to the consensus estimate of $150.94 million. Globus Medical had a return on equity of 13.99% and a net margin of 18.12%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 earnings per share. sell-side analysts predict that Globus Medical, Inc. will post 1.27 earnings per share for the current year.
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In other Globus Medical news, insider A Brett Murphy sold 15,000 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $29.99, for a total value of $449,850.00. Following the completion of the transaction, the insider now owns 101,217 shares in the company, valued at $3,035,497.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 28.21% of the stock is owned by corporate insiders.
Several research analysts have issued reports on the company. Barclays PLC reiterated an “underweight” rating and issued a $28.00 price objective (down previously from $30.00) on shares of Globus Medical in a research report on Thursday, August 3rd. BidaskClub lowered Globus Medical from a “hold” rating to a “sell” rating in a research note on Monday, September 18th. Gabelli reissued a “buy” rating on shares of Globus Medical in a research note on Friday, August 4th. Morgan Stanley reissued an “equal weight” rating on shares of Globus Medical in a research note on Tuesday, July 11th. Finally, Zacks Investment Research downgraded Globus Medical from a “hold” rating to a “sell” rating in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $30.57.
About Globus Medical
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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