Fort Washington Investment Advisors Inc. OH Has $22.75 Million Stake in Globus Medical, Inc. $GMED

Key Points

• Fort Washington Investment Advisors Inc. increased its stake in Globus Medical by 30.2% in the second quarter, owning approximately 385,374 shares valued at $22.75 million.
• Insider Ann D. Rhoads sold 10,000 shares of Globus Medical at an average price of $58.46, reducing her ownership by 28.26%.
• Globus Medical reported a 18.4% increase in revenue year-over-year, with earnings per share of $0.86 for the last quarter, surpassing estimates.

Fort Washington Investment Advisors Inc. OH lifted its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 30.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 385,374 shares of the medical device company's stock after buying an additional 89,364 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.28% of Globus Medical worth $22,745,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Globus Medical by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company's stock valued at $798,545,000 after purchasing an additional 45,248 shares during the period. Burgundy Asset Management Ltd. lifted its stake in Globus Medical by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 2,801,747 shares of the medical device company's stock valued at $205,088,000 after buying an additional 183,639 shares during the period. Sculptor Capital LP boosted its holdings in shares of Globus Medical by 0.7% during the 1st quarter. Sculptor Capital LP now owns 2,092,838 shares of the medical device company's stock worth $153,196,000 after buying an additional 15,000 shares in the last quarter. Invesco Ltd. grew its position in shares of Globus Medical by 331.9% during the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock worth $147,949,000 after buying an additional 1,553,154 shares during the period. Finally, Geneva Capital Management LLC increased its stake in shares of Globus Medical by 1.0% in the 1st quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company's stock valued at $134,223,000 after acquiring an additional 17,810 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Insiders Place Their Bets

In related news, Director Ann D. Rhoads sold 10,000 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the transaction, the director directly owned 25,384 shares in the company, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 18.54% of the company's stock.

Globus Medical Stock Up 1.0%

GMED stock opened at $55.67 on Monday. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93. The stock's 50 day moving average is $57.70 and its 200-day moving average is $62.31. The firm has a market capitalization of $7.52 billion, a PE ratio of 21.41, a P/E/G ratio of 1.52 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) 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 quarter in the prior year, the company posted $0.75 earnings per share. Globus Medical's revenue was up 18.4% compared to the same quarter last year. On average, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Canaccord Genuity Group decreased their target price on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. Wells Fargo & Company cut their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Morgan Stanley lowered their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, Wall Street Zen downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a research report on Friday. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical 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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