Amundi Purchases 25,710 Shares of Globus Medical, Inc. $GMED

Key Points

• Amundi significantly increased its stake in Globus Medical, acquiring an additional 25,710 shares, bringing its total holdings to 25,714 shares valued at approximately $1.85 million as of the end of the most recent reporting period.
• Research analysts have revised their price targets for GMED, with Wells Fargo and Morgan Stanley lowering their targets to $66.00 and $68.00, respectively, while the overall consensus rating is a "Moderate Buy".
• Globus Medical reported quarterly earnings of $0.86 per share, surpassing analysts' expectations, and showed an impressive 18.4% year-over-year revenue growth with total revenues of $745.34 million.

Amundi raised its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 642,750.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,714 shares of the medical device company's stock after buying an additional 25,710 shares during the quarter. Amundi's holdings in Globus Medical were worth $1,852,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in GMED. Envestnet Asset Management Inc. raised its stake in shares of Globus Medical by 49.5% in the first quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock worth $30,258,000 after purchasing an additional 136,955 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new stake in Globus Medical during the first quarter valued at $587,000. New York State Teachers Retirement System increased its position in Globus Medical by 1.2% during the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock valued at $6,452,000 after acquiring an additional 1,027 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Globus Medical during the first quarter valued at $753,000. Finally, GAMMA Investing LLC increased its position in Globus Medical by 20.3% during the first quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock valued at $111,000 after acquiring an additional 256 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares of the company's stock, valued at approximately $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 18.51% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on GMED shares. Wells Fargo & Company cut their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a report on Saturday, September 13th. Morgan Stanley cut their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Globus Medical has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Globus Medical Price Performance

Shares of NYSE GMED traded up $0.50 during mid-day trading on Thursday, reaching $56.72. The company's stock had a trading volume of 1,829,308 shares, compared to its average volume of 921,234. The firm has a market capitalization of $7.66 billion, a PE ratio of 21.82, a P/E/G ratio of 1.54 and a beta of 1.16. The stock has a fifty day moving average of $57.80 and a two-hundred day moving average of $63.28. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. During the same period in the prior year, the company earned $0.75 earnings per share. The firm's revenue was up 18.4% on a year-over-year basis. Analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

About Globus Medical

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.