Madison Asset Management LLC Sells 58,971 Shares of Globus Medical, Inc. $GMED

Madison Asset Management LLC cut its stake in Globus Medical, Inc. (NYSE:GMED) by 68.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,750 shares of the medical device company’s stock after selling 58,971 shares during the quarter. Madison Asset Management LLC’s holdings in Globus Medical were worth $1,532,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of GMED. Burgundy Asset Management Ltd. increased its stake in Globus Medical by 24.3% in the second quarter. Burgundy Asset Management Ltd. now owns 3,481,438 shares of the medical device company’s stock valued at $205,474,000 after purchasing an additional 679,691 shares in the last quarter. Sculptor Capital LP grew its holdings in shares of Globus Medical by 31.9% in the 2nd quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock valued at $162,936,000 after buying an additional 667,850 shares during the period. William Blair Investment Management LLC grew its holdings in shares of Globus Medical by 5.8% in the 2nd quarter. William Blair Investment Management LLC now owns 2,405,031 shares of the medical device company’s stock valued at $141,945,000 after buying an additional 131,244 shares during the period. Geneva Capital Management LLC raised its stake in Globus Medical by 13.6% during the 2nd quarter. Geneva Capital Management LLC now owns 2,082,788 shares of the medical device company’s stock worth $122,926,000 after buying an additional 249,141 shares during the period. Finally, Marshall Wace LLP lifted its holdings in Globus Medical by 89.7% during the second quarter. Marshall Wace LLP now owns 1,580,476 shares of the medical device company’s stock worth $93,280,000 after acquiring an additional 747,330 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Analyst Ratings Changes

GMED has been the subject of several recent analyst reports. Royal Bank Of Canada increased their price target on Globus Medical from $92.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Piper Sandler reissued an “overweight” rating and set a $115.00 target price (up from $90.00) on shares of Globus Medical in a research note on Thursday, January 8th. Needham & Company LLC upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and set a $112.00 target price on the stock in a report on Friday, January 30th. Wells Fargo & Company raised their price objective on shares of Globus Medical from $66.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Finally, BTIG Research reiterated a “neutral” rating on shares of Globus Medical in a report on Tuesday, December 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $100.18.

Globus Medical Stock Down 0.5%

NYSE:GMED opened at $88.29 on Thursday. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $101.40. The stock’s 50 day moving average price is $89.78 and its two-hundred day moving average price is $73.43. The firm has a market capitalization of $11.82 billion, a price-to-earnings ratio of 28.48, a P/E/G ratio of 1.36 and a beta of 1.06.

Insiders Place Their Bets

In other Globus Medical news, SVP Kelly Huller sold 7,500 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $90.00, for a total value of $675,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Leslie V. Norwalk sold 2,000 shares of the stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $101.10, for a total transaction of $202,200.00. Following the completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,636 shares of company stock valued at $2,909,333 over the last ninety days. 18.51% of the stock is currently owned by company insiders.

Globus Medical Company 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.