Covea Finance Cuts Stake in Globus Medical, Inc. $GMED

Covea Finance lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 27.3% in the 4th quarter, Holdings Channel reports. The firm owned 110,200 shares of the medical device company’s stock after selling 41,300 shares during the period. Covea Finance’s holdings in Globus Medical were worth $9,622,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC increased its stake in Globus Medical by 45.9% during the 1st quarter. AQR Capital Management LLC now owns 22,510 shares of the medical device company’s stock worth $1,622,000 after buying an additional 7,086 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of Globus Medical by 33.0% in the first quarter. Integrated Wealth Concepts LLC now owns 4,375 shares of the medical device company’s stock valued at $320,000 after acquiring an additional 1,085 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Globus Medical by 38.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,649 shares of the medical device company’s stock worth $2,228,000 after acquiring an additional 8,540 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Globus Medical by 237.3% during the first quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company’s stock worth $62,000 after purchasing an additional 598 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Globus Medical by 8.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,527 shares of the medical device company’s stock worth $25,439,000 after purchasing an additional 28,027 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Globus Medical news, Director Leslie V. Norwalk sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $202,200.00. Following the transaction, the director directly owned 10,419 shares in the company, valued at $1,053,360.90. The trade was a 16.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kelly Huller sold 20,000 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 35,594 shares of company stock worth $3,332,253. Insiders own 18.51% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on GMED shares. Truist Financial set a $115.00 price objective on Globus Medical in a report on Wednesday, February 25th. Citigroup reaffirmed a “market perform” rating on shares of Globus Medical in a report on Thursday, January 8th. Barclays increased their target price on shares of Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a research report on Wednesday, February 25th. BTIG Research restated a “neutral” rating on shares of Globus Medical in a research report on Tuesday, December 30th. Finally, Wells Fargo & Company raised shares of Globus Medical to a “strong-buy” rating in a research note on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $104.36.

Globus Medical Stock Performance

NYSE GMED opened at $86.07 on Friday. The stock’s fifty day moving average is $90.10 and its two-hundred day moving average is $79.13. The firm has a market capitalization of $11.64 billion, a P/E ratio of 21.84, a price-to-earnings-growth ratio of 2.02 and a beta of 1.05. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $101.40.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.22. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The business had revenue of $826.42 million during the quarter, compared to the consensus estimate of $803.29 million. During the same period last year, the company earned $0.84 EPS. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. As a group, sell-side analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

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.