VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.86 Million in Globus Medical, Inc. $GMED

Key Points

• Virginia Retirement Systems purchased 23,510 Globus Medical shares worth approximately $1.86 million in the second quarter. Institutional investors collectively own 95.16% of the company.
• Globus Medical exceeded quarterly earnings expectations, reporting $1.34 in EPS versus the $1.10 consensus estimate and $789.61 million in revenue, up 5.9% year over year.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus rating and an average price target of $101.77, despite several firms recently lowering their targets.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 23,510 shares of the medical device company's stock, valued at approximately $1,858,000.

Several other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System increased its position in shares of Globus Medical by 7,827.7% in the second quarter. California State Teachers Retirement System now owns 10,326,607 shares of the medical device company's stock valued at $815,905,000 after acquiring an additional 10,196,347 shares during the period. Invesco Ltd. boosted its holdings in shares of Globus Medical by 1,235.2% during the fourth quarter. Invesco Ltd. now owns 3,886,405 shares of the medical device company's stock worth $339,322,000 after purchasing an additional 3,595,339 shares during the period. Bank of Montreal Can boosted its holdings in shares of Globus Medical by 15,317.1% during the fourth quarter. Bank of Montreal Can now owns 3,373,260 shares of the medical device company's stock worth $294,519,000 after purchasing an additional 3,351,380 shares during the period. Alliancebernstein L.P. grew its stake in shares of Globus Medical by 1,303.9% in the third quarter. Alliancebernstein L.P. now owns 2,055,183 shares of the medical device company's stock worth $117,700,000 after purchasing an additional 1,908,795 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of Globus Medical in the fourth quarter worth about $90,411,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

Insider Buying and Selling at Globus Medical

In other news, Director Stephen Zarrilli sold 25,000 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the transaction, the director directly owned 25,000 shares of the company's stock, valued at $2,176,000. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 18.38% of the stock is owned by corporate insiders.

Globus Medical Stock Up 0.9%

Shares of GMED opened at $74.21 on Friday. The company has a market capitalization of $9.96 billion, a P/E ratio of 18.98, a price-to-earnings-growth ratio of 1.18 and a beta of 0.95. The firm has a 50 day moving average of $80.40 and a 200 day moving average of $83.82. Globus Medical, Inc. has a twelve month low of $54.15 and a twelve month high of $101.40.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The medical device company reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.24. Globus Medical had a net margin of 17.02% and a return on equity of 14.57%. The company had revenue of $789.61 million during the quarter, compared to analyst estimates of $782.88 million. During the same period in the previous year, the business earned $0.86 EPS. The firm's revenue for the quarter was up 5.9% on a year-over-year basis. Globus Medical has set its FY 2026 guidance at 4.950-5.050 EPS. On average, sell-side analysts expect that Globus Medical, Inc. will post 4.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on GMED shares. Piper Sandler lowered their price target on Globus Medical from $115.00 to $100.00 and set an "overweight" rating for the company in a research report on Monday, June 15th. Zacks Research raised Globus Medical from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Royal Bank Of Canada lowered their price objective on Globus Medical from $120.00 to $115.00 and set an "outperform" rating for the company in a research note on Monday, July 13th. Weiss Ratings reissued a "hold (c+)" rating on shares of Globus Medical in a report on Monday, July 13th. Finally, Wells Fargo & Company cut their target price on Globus Medical from $103.00 to $99.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $101.77.

Globus Medical Company Profile

Globus Medical, Inc NYSE: GMED is a medical device company that develops, manufactures and markets musculoskeletal solutions for surgeons, hospitals and patients. Its primary focus is spinal surgery, supported by a portfolio of implants, instruments and enabling technologies designed to assist with procedures involving the cervical, thoracic and lumbar spine.

The company's products include spinal fusion systems, interbody devices, deformity correction systems, biologics and surgical instruments.

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