Thrivent Financial for Lutherans Sells 194,537 Shares of Globus Medical, Inc. $GMED

Thrivent Financial for Lutherans reduced its stake in Globus Medical, Inc. (NYSE:GMED) by 78.9% during the third quarter, according to its most recent filing with the SEC. The fund owned 52,107 shares of the medical device company’s stock after selling 194,537 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Globus Medical were worth $2,984,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Paradice Investment Management LLC boosted its position in Globus Medical by 20.9% during the third quarter. Paradice Investment Management LLC now owns 663,038 shares of the medical device company’s stock worth $37,972,000 after purchasing an additional 114,433 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Globus Medical by 189.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 476,531 shares of the medical device company’s stock worth $27,953,000 after purchasing an additional 312,149 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Globus Medical in the third quarter worth $539,000. Lightrock Netherlands B.V. raised its holdings in shares of Globus Medical by 6.2% in the 3rd quarter. Lightrock Netherlands B.V. now owns 251,900 shares of the medical device company’s stock valued at $14,426,000 after acquiring an additional 14,750 shares in the last quarter. Finally, Boston Trust Walden Corp purchased a new stake in Globus Medical in the third quarter valued at approximately $67,891,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $87.61 on Tuesday. The business has a 50-day simple moving average of $89.78 and a two-hundred day simple moving average of $73.08. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $101.40. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of 28.26, a price-to-earnings-growth ratio of 1.35 and a beta of 1.06.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GMED. Stifel Nicolaus assumed coverage on Globus Medical in a research report on Tuesday, October 28th. They set a “hold” rating and a $64.00 price target on the stock. BTIG Research reissued a “neutral” rating on shares of Globus Medical in a research report on Tuesday, December 30th. Citigroup reiterated a “market perform” rating on shares of Globus Medical in a report on Thursday, January 8th. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up from $93.00) on shares of Globus Medical in a report on Tuesday, November 18th. Finally, Morgan Stanley increased their target price on Globus Medical from $70.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $100.18.

Insider Activity

In other news, CFO Kyle Kline sold 18,542 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $90.00, for a total value of $1,668,780.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kelly Huller sold 7,500 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $90.00, for a total transaction of $675,000.00. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 56,636 shares of company stock worth $5,059,333. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.