Truist Financial Corp Decreases Stake in Globus Medical, Inc. $GMED

Key Points

• Truist Financial Corp has significantly reduced its stake in Globus Medical, Inc., decreasing its position by 78.1% to 111,367 shares.
• Despite Truist's reduction, other institutional investors, such as Invesco Ltd. and Nuveen LLC, have increased their stakes, indicating continued interest in the company.
• Globus Medical's stock has shown variability with a one-year low of $51.79 and a high of $94.93, highlighting potential investment opportunities.

Truist Financial Corp reduced its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 78.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 111,367 shares of the medical device company's stock after selling 396,951 shares during the quarter. Truist Financial Corp owned approximately 0.08% of Globus Medical worth $6,573,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Invesco Ltd. raised its holdings in shares of Globus Medical by 331.9% during the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock valued at $147,949,000 after acquiring an additional 1,553,154 shares in the last quarter. Nuveen LLC bought a new position in shares of Globus Medical in the 1st quarter worth about $54,669,000. Driehaus Capital Management LLC lifted its holdings in shares of Globus Medical by 60.1% during the first quarter. Driehaus Capital Management LLC now owns 873,784 shares of the medical device company's stock valued at $63,961,000 after purchasing an additional 328,040 shares during the last quarter. Smith Group Asset Management LLC bought a new stake in shares of Globus Medical in the 1st quarter worth approximately $23,900,000. Finally, Fiera Capital Corp purchased a new stake in shares of Globus Medical in the 1st quarter worth approximately $19,514,000. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

GMED stock opened at $60.20 on Tuesday. The company's fifty day moving average price is $58.30 and its 200-day moving average price is $61.72. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $94.93. The company has a market capitalization of $8.13 billion, a PE ratio of 23.15, a price-to-earnings-growth ratio of 1.66 and a beta of 1.12.

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, beating analysts' consensus estimates of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. During the same period in the previous year, the firm posted $0.75 EPS. Globus Medical's revenue for the quarter was up 18.4% compared to the same quarter last year. On average, research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction on Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares of the company's stock, valued at $1,483,948.64. This trade represents a 28.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 18.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Wall Street Zen downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Barclays restated an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Weiss Ratings restated a "hold (c)" rating on shares of Globus Medical in a research note on Saturday, September 27th. Finally, Canaccord Genuity Group lowered their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Globus Medical presently has an average rating of "Moderate Buy" and a consensus target price 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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