Johnson Investment Counsel Inc. Trims Holdings in Globus Medical, Inc. (NYSE:GMED)

Johnson Investment Counsel Inc. lowered its holdings in Globus Medical, Inc. (NYSE:GMED) by 14.8% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,561 shares of the medical device company’s stock after selling 1,835 shares during the period. Johnson Investment Counsel Inc.’s holdings in Globus Medical were worth $629,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GMED. Geneos Wealth Management Inc. acquired a new position in Globus Medical during the 2nd quarter worth approximately $27,000. Quarry LP acquired a new position in shares of Globus Medical in the 1st quarter valued at $27,000. EMC Capital Management acquired a new position in shares of Globus Medical in the 1st quarter valued at $28,000. Advisory Services Network LLC boosted its holdings in shares of Globus Medical by 109.6% in the 1st quarter. Advisory Services Network LLC now owns 503 shares of the medical device company’s stock valued at $28,000 after buying an additional 263 shares in the last quarter. Finally, Altshuler Shaham Ltd acquired a new position in shares of Globus Medical in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 80.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GMED shares. Wells Fargo & Company reduced their price target on shares of Globus Medical from $63.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, September 15th. Truist Financial reduced their price target on shares of Globus Medical from $58.00 to $53.00 and set a “hold” rating for the company in a research report on Wednesday, November 8th. Barclays upped their price target on shares of Globus Medical from $77.00 to $86.00 and gave the company an “overweight” rating in a research report on Thursday, October 12th. TheStreet downgraded shares of Globus Medical from a “b-” rating to a “c+” rating in a research report on Thursday, August 31st. Finally, Roth Mkm started coverage on shares of Globus Medical in a research report on Friday, October 20th. They set a “buy” rating and a $75.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $65.11.

Globus Medical Price Performance

Shares of NYSE GMED opened at $45.38 on Tuesday. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of 29.28, a PEG ratio of 1.73 and a beta of 1.10. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $80.04. The company’s 50-day moving average price is $49.28 and its 200 day moving average price is $54.30. The company has a current ratio of 4.47, a quick ratio of 2.36 and a debt-to-equity ratio of 0.10.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 7th. The medical device company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.03. The firm had revenue of $383.60 million for the quarter, compared to analysts’ expectations of $306.78 million. Globus Medical had a net margin of 12.88% and a return on equity of 9.79%. The firm’s revenue was up 51.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.50 EPS. As a group, research analysts forecast that Globus Medical, Inc. will post 2.31 earnings per share for the current fiscal year.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It 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 pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.