Globus Medical Inc (GMED) Shares Bought by Panagora Asset Management Inc.
Panagora Asset Management Inc. raised its stake in Globus Medical Inc (NYSE:GMED) by 46.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,085 shares of the medical device company’s stock after buying an additional 29,721 shares during the period. Panagora Asset Management Inc. owned approximately 0.09% of Globus Medical worth $5,284,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. grew its position in shares of Globus Medical by 44.9% in the second quarter. Russell Investments Group Ltd. now owns 82,655 shares of the medical device company’s stock valued at $4,169,000 after purchasing an additional 25,607 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Globus Medical in the third quarter valued at approximately $1,792,000. Sei Investments Co. grew its position in shares of Globus Medical by 28.2% in the second quarter. Sei Investments Co. now owns 48,546 shares of the medical device company’s stock valued at $2,449,000 after purchasing an additional 10,681 shares during the last quarter. Argent Capital Management LLC grew its position in shares of Globus Medical by 8.8% in the second quarter. Argent Capital Management LLC now owns 92,960 shares of the medical device company’s stock valued at $4,691,000 after purchasing an additional 7,550 shares during the last quarter. Finally, MetLife Investment Advisors LLC grew its position in shares of Globus Medical by 2.5% in the second quarter. MetLife Investment Advisors LLC now owns 78,832 shares of the medical device company’s stock valued at $3,978,000 after purchasing an additional 1,942 shares during the last quarter. 65.22% of the stock is owned by institutional investors.
In other Globus Medical news, Chairman David C. Paul sold 707,191 shares of Globus Medical stock in a transaction on Monday, September 24th. The shares were sold at an average price of $54.01, for a total value of $38,195,385.91. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 28.44% of the stock is owned by company insiders.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.06. The company had revenue of $169.20 million for the quarter, compared to analyst estimates of $167.47 million. Globus Medical had a net margin of 20.79% and a return on equity of 15.36%. Globus Medical’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the business earned $0.30 EPS. Equities research analysts expect that Globus Medical Inc will post 1.62 earnings per share for the current year.
Several research firms have recently commented on GMED. ValuEngine lowered shares of Globus Medical from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 28th. UBS Group began coverage on shares of Globus Medical in a research report on Wednesday, November 28th. They issued a “neutral” rating and a $55.00 price target on the stock. Cantor Fitzgerald set a $65.00 price target on shares of Globus Medical and gave the company a “buy” rating in a research report on Tuesday, November 13th. Zacks Investment Research upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Tuesday, November 13th. Finally, Leerink Swann raised their target price on shares of Globus Medical from $61.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, November 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $55.92.
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About Globus Medical
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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