Moran Wealth Management LLC Sells 900 Shares of Globus Medical, Inc. (NYSE:GMED)

Moran Wealth Management LLC lowered its position in Globus Medical, Inc. (NYSE:GMED) by 6.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,693 shares of the medical device company’s stock after selling 900 shares during the period. Moran Wealth Management LLC’s holdings in Globus Medical were worth $980,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Stephens Inc. AR increased its stake in shares of Globus Medical by 3.4% in the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after purchasing an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Globus Medical by 2.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after purchasing an additional 140 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares during the period. Van ECK Associates Corp raised its stake in Globus Medical by 0.4% during the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after purchasing an additional 183 shares during the period. Finally, Central Pacific Bank Trust Division lifted its holdings in shares of Globus Medical by 6.2% in the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after buying an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

GMED stock opened at $84.97 on Friday. Globus Medical, Inc. has a one year low of $44.02 and a one year high of $85.01. The firm has a 50-day simple moving average of $74.46 and a two-hundred day simple moving average of $70.45. The firm has a market cap of $11.57 billion, a price-to-earnings ratio of 126.82, a PEG ratio of 1.99 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm’s revenue was up 63.1% compared to the same quarter last year. During the same period last year, the business posted $0.57 earnings per share. As a group, equities analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock worth $8,512,850 in the last 90 days. Insiders own 18.54% of the company’s stock.

Analyst Ratings Changes

GMED has been the subject of a number of research reports. Piper Sandler increased their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Barclays upped their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday. Bank of America upped their price objective on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley lifted their target price on Globus Medical from $74.00 to $83.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus price target of $88.18.

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.