Millrace Asset Group Inc. Has $1.66 Million Position in Globus Medical, Inc. (NYSE:GMED)

Millrace Asset Group Inc. raised its position in Globus Medical, Inc. (NYSE:GMED) by 4.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,151 shares of the medical device company’s stock after buying an additional 977 shares during the quarter. Globus Medical accounts for 1.7% of Millrace Asset Group Inc.’s holdings, making the stock its 27th biggest holding. Millrace Asset Group Inc.’s holdings in Globus Medical were worth $1,656,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. raised its position in shares of Globus Medical by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after buying an additional 35,054 shares in the last quarter. Magnetar Financial LLC increased its stake in Globus Medical by 1.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after acquiring an additional 29,200 shares during the period. Geneva Capital Management LLC raised its holdings in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after acquiring an additional 18,117 shares in the last quarter. AXA S.A. lifted its position in shares of Globus Medical by 0.5% during the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock valued at $101,245,000 after acquiring an additional 7,443 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Globus Medical by 1,171.5% during the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock worth $93,409,000 after purchasing an additional 1,256,570 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock worth $8,512,850 in the last ninety days. Company insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

NYSE GMED opened at $84.49 on Tuesday. The firm’s fifty day moving average price is $75.05 and its two-hundred day moving average price is $71.04. The stock has a market cap of $11.51 billion, a PE ratio of 126.10, a PEG ratio of 2.02 and a beta of 1.17. Globus Medical, Inc. has a fifty-two week low of $44.02 and a fifty-two week high of $85.33.

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

Analyst Ratings Changes

A number of research firms recently commented on GMED. BTIG Research boosted their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Roth Mkm restated a “buy” rating and issued a $100.00 target price on shares of Globus Medical in a research report on Wednesday, November 6th. Royal Bank of Canada increased their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and an average price target of $88.18.

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. 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.