NFJ Investment Group LLC Cuts Stock Position in Globus Medical, Inc. (NYSE:GMED)

NFJ Investment Group LLC lowered its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 19.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 179,320 shares of the medical device company's stock after selling 44,527 shares during the quarter. NFJ Investment Group LLC owned about 0.13% of Globus Medical worth $14,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Quantinno Capital Management LP boosted its stake in Globus Medical by 18.5% during the third quarter. Quantinno Capital Management LP now owns 3,889 shares of the medical device company's stock worth $278,000 after acquiring an additional 606 shares in the last quarter. Stifel Financial Corp raised its position in Globus Medical by 0.6% in the third quarter. Stifel Financial Corp now owns 52,835 shares of the medical device company's stock worth $3,780,000 after acquiring an additional 306 shares during the period. M&T Bank Corp increased its holdings in Globus Medical by 3.6% in the 3rd quarter. M&T Bank Corp now owns 6,926 shares of the medical device company's stock worth $496,000 after acquiring an additional 241 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company's stock worth $134,893,000 after buying an additional 21,935 shares during the period. Finally, Sanctuary Advisors LLC raised its holdings in Globus Medical by 33.9% during the third quarter. Sanctuary Advisors LLC now owns 11,945 shares of the medical device company's stock valued at $855,000 after acquiring an additional 3,022 shares during the period. Institutional investors own 95.16% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on GMED. Canaccord Genuity Group increased their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the company a "buy" rating in a report on Friday, January 10th. Bank of America upgraded Globus Medical from an "underperform" rating to a "neutral" rating and increased their target price for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. StockNews.com downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Stifel Nicolaus lifted their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Finally, Wells Fargo & Company cut their target price on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $96.91.

Globus Medical Stock Down 3.5 %

Shares of NYSE GMED traded down $2.45 during trading on Monday, hitting $68.56. The company had a trading volume of 194,709 shares, compared to its average volume of 1,036,819. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The firm has a market capitalization of $9.43 billion, a price-to-earnings ratio of 91.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28. The stock has a fifty day simple moving average of $75.57 and a two-hundred day simple moving average of $80.11.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. The firm had revenue of $657.29 million for the quarter, compared to analysts' expectations of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. On average, analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current 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.