Strs Ohio Takes $9.92 Million Position in Globus Medical, Inc. $GMED

Key Points

• Strs Ohio has invested approximately $9.92 million in Globus Medical, acquiring 135,544 shares of the medical device company in the 1st quarter.
• Globus Medical reported an earnings per share (EPS) of $0.86 for the last quarter, exceeding analysts' expectations, with revenues of $745.34 million.
• Analysts have a consensus rating of "Moderate Buy" for Globus Medical, with an average target price of $87.64, following various adjustments to their price targets by different firms.

Strs Ohio acquired a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 135,544 shares of the medical device company's stock, valued at approximately $9,922,000. Strs Ohio owned 0.10% of Globus Medical at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GMED. Ameriprise Financial Inc. lifted its position in Globus Medical by 13.1% in the fourth quarter. Ameriprise Financial Inc. now owns 141,849 shares of the medical device company's stock worth $11,732,000 after purchasing an additional 16,479 shares during the period. Cetera Investment Advisers lifted its position in Globus Medical by 13.9% in the fourth quarter. Cetera Investment Advisers now owns 8,263 shares of the medical device company's stock worth $683,000 after purchasing an additional 1,008 shares during the period. Deutsche Bank AG lifted its position in Globus Medical by 3.1% in the fourth quarter. Deutsche Bank AG now owns 38,441 shares of the medical device company's stock worth $3,179,000 after purchasing an additional 1,157 shares during the period. Nuveen Asset Management LLC lifted its position in Globus Medical by 87.5% in the fourth quarter. Nuveen Asset Management LLC now owns 636,345 shares of the medical device company's stock worth $52,632,000 after purchasing an additional 297,046 shares during the period. Finally, Nomura Holdings Inc. bought a new position in Globus Medical in the fourth quarter worth $1,669,000. 95.16% of the stock is owned by institutional investors.

Insider Buying and Selling at Globus Medical

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

Wall Street Analysts Forecast Growth

GMED has been the subject of several research reports. Morgan Stanley reduced their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Canaccord Genuity Group reduced 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. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Stock Up 0.9%

Globus Medical stock traded up $0.50 during mid-day trading on Thursday, hitting $56.72. 1,829,308 shares of the company were exchanged, compared to its average volume of 921,234. The business has a fifty day moving average of $57.80 and a 200 day moving average of $63.28. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93. The company has a market capitalization of $7.66 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 1.54 and a beta of 1.16.

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

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.