People s United Financial Inc. Raises Holdings in Globus Medical, Inc. (NYSE:GMED)

People s United Financial Inc. raised its position in shares of Globus Medical, Inc. (NYSE:GMED) by 5.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,187 shares of the medical device company’s stock after acquiring an additional 571 shares during the period. People s United Financial Inc.’s holdings in Globus Medical were worth $867,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GMED. Victory Capital Management Inc. lifted its stake in shares of Globus Medical by 195.0% in the 1st quarter. Victory Capital Management Inc. now owns 52,768 shares of the medical device company’s stock valued at $3,254,000 after purchasing an additional 34,881 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Globus Medical by 12.3% during the first quarter. Envestnet Asset Management Inc. now owns 120,603 shares of the medical device company’s stock valued at $7,438,000 after buying an additional 13,245 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Globus Medical by 63.3% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 8,597 shares of the medical device company’s stock valued at $530,000 after buying an additional 3,334 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Globus Medical by 1.8% in the first quarter. Alliancebernstein L.P. now owns 156,839 shares of the medical device company’s stock worth $9,672,000 after acquiring an additional 2,802 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in Globus Medical by 1.6% in the 1st quarter. Arizona State Retirement System now owns 22,194 shares of the medical device company’s stock valued at $1,369,000 after purchasing an additional 349 shares in the last quarter. Institutional investors own 66.96% of the company’s stock.

NYSE:GMED opened at $78.62 on Wednesday. The stock has a 50 day moving average of $80.48 and a 200-day moving average of $73.67. The firm has a market capitalization of $7.93 billion, a PE ratio of 43.68, a price-to-earnings-growth ratio of 4.27 and a beta of 1.08. Globus Medical, Inc. has a 52 week low of $48.00 and a 52 week high of $84.23.

Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, August 4th. The medical device company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.12. Globus Medical had a return on equity of 14.10% and a net margin of 19.83%. The company had revenue of $251.02 million for the quarter, compared to analysts’ expectations of $225.50 million. During the same period last year, the business posted $0.07 earnings per share. The firm’s quarterly revenue was up 68.6% compared to the same quarter last year. On average, sell-side analysts forecast that Globus Medical, Inc. will post 2 EPS for the current fiscal year.

In other news, CFO Keith W. Pfeil sold 27,479 shares of Globus Medical stock in a transaction that occurred on Friday, June 25th. The shares were sold at an average price of $75.04, for a total value of $2,062,024.16. Following the transaction, the chief financial officer now owns 13,312 shares of the company’s stock, valued at approximately $998,932.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith W. Pfeil sold 833 shares of the firm’s stock in a transaction that occurred on Thursday, August 19th. The stock was sold at an average price of $76.13, for a total transaction of $63,416.29. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,812 shares of company stock worth $10,165,539. 16.50% of the stock is owned by insiders.

A number of research firms have weighed in on GMED. Wells Fargo & Company upped their price target on Globus Medical from $78.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, August 5th. Citigroup boosted their price objective on shares of Globus Medical from $81.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, August 5th. Morgan Stanley raised their target price on Globus Medical from $77.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday, August 5th. Canaccord Genuity boosted their price target on Globus Medical from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, August 5th. Finally, Credit Suisse Group lifted their price objective on Globus Medical from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Thursday, August 5th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $81.54.

Globus Medical Company Profile

Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.

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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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