First Mercantile Trust Co. Has $453,000 Position in Globus Medical, Inc. (GMED)
First Mercantile Trust Co. lowered its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 24.1% during the second quarter, Holdings Channel reports. The firm owned 13,655 shares of the medical device company’s stock after selling 4,335 shares during the period. First Mercantile Trust Co.’s holdings in Globus Medical were worth $453,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Globus Medical by 22,983.1% in the first quarter. BlackRock Inc. now owns 7,387,282 shares of the medical device company’s stock valued at $218,812,000 after buying an additional 7,355,279 shares during the period. Marathon Asset Management LLP increased its position in Globus Medical by 189.3% in the second quarter. Marathon Asset Management LLP now owns 773,700 shares of the medical device company’s stock valued at $25,644,000 after buying an additional 506,241 shares during the period. Blue Jay Capital Management LLC bought a new position in Globus Medical during the first quarter valued at $11,848,000. Citadel Advisors LLC increased its position in Globus Medical by 2,430.6% in the first quarter. Citadel Advisors LLC now owns 412,809 shares of the medical device company’s stock valued at $12,227,000 after buying an additional 396,496 shares during the period. Finally, Nuveen Asset Management LLC increased its position in Globus Medical by 127.0% in the first quarter. Nuveen Asset Management LLC now owns 469,841 shares of the medical device company’s stock valued at $13,917,000 after buying an additional 262,882 shares during the period. Institutional investors own 69.35% of the company’s stock.
Globus Medical, Inc. (NYSE GMED) opened at 29.59 on Wednesday. The company has a 50 day moving average price of $31.56 and a 200 day moving average price of $30.25. The firm has a market capitalization of $2.85 billion, a P/E ratio of 26.66 and a beta of 0.60. Globus Medical, Inc. has a 52-week low of $19.25 and a 52-week high of $34.03.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The firm had revenue of $152.39 million during the quarter, compared to analysts’ expectations of $150.94 million. During the same period in the previous year, the company earned $0.29 earnings per share. Globus Medical’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities analysts forecast that Globus Medical, Inc. will post $1.27 EPS for the current fiscal year.
Several equities analysts have recently commented on the company. Zacks Investment Research downgraded Globus Medical from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Globus Medical in a report on Thursday, May 18th. Canaccord Genuity raised Globus Medical from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $30.00 to $37.00 in a research note on Thursday, May 4th. Barclays PLC cut Globus Medical from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $24.00 to $28.00 in a research note on Monday, April 24th. Finally, BidaskClub cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $30.43.
In related news, President Anthony L. Williams sold 16,153 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $31.94, for a total value of $515,926.82. Following the completion of the sale, the president now directly owns 16,153 shares of the company’s stock, valued at $515,926.82. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 28.21% of the stock is owned by insiders.
Globus Medical Company Profile
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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