Insider Selling: Globus Medical (NYSE:GMED) Director Sells 10,000 Shares of Stock

Key Points

• Insider Selling: Globus Medical Director Ann Rhoads sold 10,000 shares at an average price of $58.46, decreasing her ownership by 28.26% to 25,384 shares.
• Quarterly Performance: The company's latest earnings report showed a net margin of 13.58% and a year-over-year revenue growth of 18.4%, with earnings per share beating estimates.
• Analyst Ratings: Globus Medical has received a mix of upgrades and downgrades from brokerages, with an average rating of "Moderate Buy" and a target price of $87.64.

Globus Medical, Inc. (NYSE:GMED - Get Free Report) Director Ann Rhoads sold 10,000 shares of the company's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the sale, the director directly owned 25,384 shares of the company's stock, valued at $1,483,948.64. The trade was a 28.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Globus Medical Stock Performance

NYSE GMED traded down $0.45 on Tuesday, reaching $57.79. The company's stock had a trading volume of 869,089 shares, compared to its average volume of 918,553. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93. The stock has a market cap of $7.81 billion, a PE ratio of 18.14, a PEG ratio of 1.59 and a beta of 1.16. The firm's 50 day moving average is $57.84 and its two-hundred day moving average is $63.48.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly 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 net margin of 13.58% and a return on equity of 10.65%. The company had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. During the same period in the prior year, the company earned $0.75 EPS. Globus Medical's revenue was up 18.4% on a year-over-year basis. Equities research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Berry Wealth Group LP grew its holdings in Globus Medical by 4.2% during the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock valued at $260,000 after purchasing an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock valued at $479,000 after purchasing an additional 150 shares during the last quarter. HB Wealth Management LLC grew its holdings in Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock valued at $278,000 after purchasing an additional 170 shares during the last quarter. Whittier Trust Co. grew its holdings in Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after purchasing an additional 184 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after purchasing an additional 193 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GMED. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a report on Saturday. Wells Fargo & Company dropped their target price on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Barclays reiterated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $87.64.

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.

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