Banque Pictet & Cie SA Has $2.43 Million Stock Position in Globus Medical, Inc. $GMED

Key Points

• Banque Pictet & Cie SA has reduced its stake in Globus Medical, Inc. by 15.6%, now owning 41,084 shares valued at approximately $2.43 million.
• The latest earnings report showed a quarterly EPS of $0.86, surpassing estimates, with revenue up 18.4% year-over-year.
• A recent analysis reported that eight investment analysts rate Globus Medical as a Buy and five analysts as a Hold, with a consensus price target of $87.64.

Banque Pictet & Cie SA decreased its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 15.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,084 shares of the medical device company's stock after selling 7,594 shares during the quarter. Banque Pictet & Cie SA's holdings in Globus Medical were worth $2,425,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its position in shares of Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after purchasing an additional 240 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after acquiring an additional 494 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Globus Medical by 202.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock worth $42,000 after acquiring an additional 383 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Stock Performance

NYSE:GMED opened at $55.67 on Friday. The stock has a fifty day moving average price of $57.70 and a 200-day moving average price of $62.42. The company has a market cap of $7.52 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 1.51 and a beta of 1.16. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93.

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

Insider Buying and Selling at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the company's stock in a transaction 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 sale, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. This represents a 28.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 18.51% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Wall Street Zen lowered Globus Medical from a "buy" rating to a "hold" rating in a report on Friday. Morgan Stanley decreased their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Barclays reissued an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Finally, Canaccord Genuity Group decreased their price objective on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a report on Tuesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

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.

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