State of New Jersey Common Pension Fund D Has $3.46 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

State of New Jersey Common Pension Fund D reduced its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 41.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,885 shares of the medical device company's stock after selling 45,667 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Globus Medical were worth $3,458,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GMED. DekaBank Deutsche Girozentrale bought a new position in Globus Medical in the third quarter worth $28,000. Allworth Financial LP lifted its holdings in shares of Globus Medical by 25.7% during the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company's stock valued at $66,000 after acquiring an additional 254 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Globus Medical by 122.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company's stock valued at $74,000 after acquiring an additional 823 shares during the period. Wolverine Asset Management LLC bought a new position in shares of Globus Medical during the third quarter valued at $89,000. Finally, Coldstream Capital Management Inc. bought a new position in shares of Globus Medical during the third quarter valued at $205,000. 95.16% of the stock is owned by institutional investors.

Globus Medical Trading Up 0.4 %

GMED stock traded up $0.18 during midday trading on Friday, reaching $50.55. The stock had a trading volume of 545,156 shares, compared to its average volume of 891,173. The business has a fifty day simple moving average of $53.00 and a two-hundred day simple moving average of $51.32. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10. The firm has a market cap of $6.84 billion, a price-to-earnings ratio of 43.21, a PEG ratio of 1.48 and a beta of 1.08. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $62.88.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.01. The firm had revenue of $616.53 million during the quarter, compared to analyst estimates of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The company's revenue was up 124.6% on a year-over-year basis. During the same period last year, the company earned $0.59 earnings per share. As a group, research analysts expect that Globus Medical, Inc. will post 2.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now directly owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 24.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GMED shares. Stifel Nicolaus lifted their price objective on Globus Medical from $61.00 to $64.00 and gave the company a "buy" rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued an "outperform" rating and set a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Truist Financial raised their target price on Globus Medical from $58.00 to $60.00 and gave the company a "hold" rating in a research note on Wednesday, February 21st. Finally, BTIG Research upgraded Globus Medical from a "neutral" rating to a "buy" rating and set a $60.00 target price for the company in a research note on Monday, March 18th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $66.33.

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.