Palouse Capital Management Inc. Sells 1,226 Shares of Globus Medical, Inc. (NYSE:GMED)

Palouse Capital Management Inc. lessened its holdings in Globus Medical, Inc. (NYSE:GMED) by 39.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,866 shares of the medical device company’s stock after selling 1,226 shares during the period. Palouse Capital Management Inc.’s holdings in Globus Medical were worth $133,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GMED. Berry Wealth Group LP bought a new position in Globus Medical during the third quarter valued at about $232,000. Raymond James & Associates raised its stake in shares of Globus Medical by 8.5% in the third quarter. Raymond James & Associates now owns 299,294 shares of the medical device company’s stock valued at $21,411,000 after buying an additional 23,349 shares during the period. V Square Quantitative Management LLC purchased a new stake in Globus Medical in the 3rd quarter worth about $27,000. Harbour Capital Advisors LLC bought a new stake in Globus Medical in the 3rd quarter valued at about $359,000. Finally, nVerses Capital LLC purchased a new stake in Globus Medical during the third quarter valued at about $422,000. 95.16% of the stock is owned by institutional investors.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GMED has been the topic of a number of recent research reports. Truist Financial upped their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Barclays increased their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Royal Bank of Canada upped their target price on shares of Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $60.00 to $78.00 in a research report on Wednesday, August 7th. Finally, Morgan Stanley lifted their price target on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $77.78.

Globus Medical Price Performance

NYSE GMED traded up $1.04 during trading on Monday, hitting $73.89. 298,077 shares of the company’s stock traded hands, compared to its average volume of 1,001,258. The firm has a market cap of $10.00 billion, a P/E ratio of 113.83, a PEG ratio of 1.94 and a beta of 1.17. The stock has a fifty day moving average of $70.70 and a two-hundred day moving average of $66.18. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $75.98.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.07. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $629.69 million for the quarter, compared to analyst estimates of $615.33 million. During the same period last year, the company earned $0.63 EPS. Globus Medical’s revenue for the quarter was up 115.9% compared to the same quarter last year. As a group, analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Globus Medical Profile

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.