Gabelli Funds LLC Sells 4,675 Shares of Globus Medical, Inc. (NYSE:GMED)

Gabelli Funds LLC lessened its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 237,300 shares of the medical device company's stock after selling 4,675 shares during the quarter. Gabelli Funds LLC owned approximately 0.17% of Globus Medical worth $19,627,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board acquired a new position in shares of Globus Medical in the 4th quarter valued at about $287,000. Guggenheim Capital LLC acquired a new position in Globus Medical in the 4th quarter valued at approximately $907,000. Investment Counsel Co. of Nevada purchased a new stake in Globus Medical in the 4th quarter worth approximately $83,000. Mariner LLC lifted its position in Globus Medical by 10.8% in the 4th quarter. Mariner LLC now owns 13,784 shares of the medical device company's stock worth $1,140,000 after buying an additional 1,342 shares in the last quarter. Finally, Synovus Financial Corp boosted its stake in shares of Globus Medical by 1.6% during the 4th quarter. Synovus Financial Corp now owns 14,544 shares of the medical device company's stock valued at $1,203,000 after buying an additional 233 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Barclays increased their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Wells Fargo & Company reduced their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a report on Friday, February 21st. StockNews.com downgraded Globus Medical from a "buy" rating to a "hold" rating in a report on Friday, March 21st. Truist Financial reduced their target price on shares of Globus Medical from $82.00 to $80.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $96.91.

Globus Medical Stock Performance

Shares of GMED traded down $1.76 during mid-day trading on Monday, hitting $69.25. The company's stock had a trading volume of 140,963 shares, compared to its average volume of 1,036,611. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The stock's 50-day moving average is $75.57 and its two-hundred day moving average is $80.11. The firm has a market capitalization of $9.52 billion, a PE ratio of 92.33, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. Analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

About Globus Medical

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.