Allworth Financial LP Reduces Position in Globus Medical, Inc. $GMED

Key Points

• Allworth Financial LP reduced its stake in Globus Medical by 69% in Q3, selling 27,475 shares and retaining 12,346 shares valued at about $707,000.
• Insiders have been net sellers recently, disposing of 35,594 shares worth roughly $3.33M in the last 90 days (including the CFO's 3,594 shares at $101.10 and the EVP's 20,000 shares at $94.50), although insiders still hold 18.54% of the company.
• Globus Medical beat expectations last quarter with EPS of $1.28 (vs. $1.06 est.) and revenue of $826.4M (up 25.7% YoY), and analysts have mostly upgraded the stock to a "Moderate Buy" with an average price target of $104.36.

Allworth Financial LP decreased its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 69.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,346 shares of the medical device company's stock after selling 27,475 shares during the period. Allworth Financial LP's holdings in Globus Medical were worth $707,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Advisory Services Network LLC purchased a new position in Globus Medical during the third quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its holdings in Globus Medical by 74.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company's stock valued at $27,000 after buying an additional 197 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of Globus Medical in the 2nd quarter worth $28,000. First Horizon Corp purchased a new position in shares of Globus Medical during the 3rd quarter worth $31,000. Finally, Parallel Advisors LLC raised its holdings in shares of Globus Medical by 45.1% during the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company's stock worth $32,000 after acquiring an additional 173 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $86.07 on Wednesday. The business has a 50-day moving average of $89.93 and a 200 day moving average of $79.78. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $101.40. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 21.84, a price-to-earnings-growth ratio of 2.04 and a beta of 1.05.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.06 by $0.22. The company had revenue of $826.42 million for the quarter, compared to analyst estimates of $803.29 million. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The business's revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 earnings per share. Equities research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Kyle Kline sold 3,594 shares of the company's stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $363,353.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kelly Huller sold 20,000 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total value of $1,890,000.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,594 shares of company stock worth $3,332,253 in the last ninety days. 18.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GMED shares. Wall Street Zen upgraded shares of Globus Medical from a "buy" rating to a "strong-buy" rating in a research report on Saturday, January 3rd. Barclays boosted their target price on shares of Globus Medical from $118.00 to $123.00 and gave the company an "overweight" rating in a report on Wednesday, February 25th. Canaccord Genuity Group increased their price target on shares of Globus Medical from $105.00 to $112.00 and gave the company a "buy" rating in a research note on Friday, January 9th. TD Cowen upgraded shares of Globus Medical to a "strong-buy" rating in a report on Tuesday, January 27th. Finally, Morgan Stanley lifted their price target on shares of Globus Medical from $70.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, December 2nd. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $104.36.

About Globus Medical

Globus Medical, Inc NYSE: GMED is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.

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