Boone Capital Management LLC Sells 83,245 Shares of Globus Medical, Inc. (NYSE:GMED)

Boone Capital Management LLC trimmed its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 12.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 568,465 shares of the medical device company's stock after selling 83,245 shares during the quarter. Globus Medical accounts for 15.9% of Boone Capital Management LLC's portfolio, making the stock its 2nd largest holding. Boone Capital Management LLC owned approximately 0.42% of Globus Medical worth $47,018,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Globus Medical by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock valued at $898,548,000 after acquiring an additional 240,218 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Globus Medical by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock valued at $231,946,000 after purchasing an additional 199,556 shares in the last quarter. Geode Capital Management LLC grew its position in Globus Medical by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company's stock worth $156,969,000 after acquiring an additional 12,151 shares during the last quarter. Geneva Capital Management LLC increased its stake in shares of Globus Medical by 13.6% in the fourth quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company's stock valued at $150,188,000 after buying an additional 217,707 shares during the period. Finally, Norges Bank bought a new position in shares of Globus Medical during the fourth quarter worth about $117,102,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Stifel Nicolaus lifted their price target on shares of Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Bank of America raised Globus Medical from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $80.00 to $97.00 in a report on Thursday, January 9th. StockNews.com lowered shares of Globus Medical from a "buy" rating to a "hold" rating in a research report on Friday, March 21st. Piper Sandler lowered their target price on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday. Finally, Canaccord Genuity Group boosted their price target on Globus Medical from $92.00 to $101.00 and gave the company a "buy" rating in a report on Friday, January 10th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $95.09.

Globus Medical Stock Down 23.4 %

Shares of GMED traded down $16.92 during trading hours on Friday, reaching $55.54. The company's stock had a trading volume of 10,890,340 shares, compared to its average volume of 1,057,582. Globus Medical, Inc. has a 1-year low of $54.52 and a 1-year high of $94.93. The firm has a market cap of $7.64 billion, a price-to-earnings ratio of 74.05, a P/E/G ratio of 1.61 and a beta of 1.32. The company has a 50 day moving average of $72.67 and a two-hundred day moving average of $79.98.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same quarter in the prior year, the firm posted $0.72 earnings per share. The business's revenue for the quarter was down 1.4% on a year-over-year basis. As a group, analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.