State of New Jersey Common Pension Fund D Has $3.46 Million Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

State of New Jersey Common Pension Fund D decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 41.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,885 shares of the medical device company’s stock after selling 45,667 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Globus Medical were worth $3,458,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GMED. Vanguard Group Inc. lifted its holdings in shares of Globus Medical by 49.7% during the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after buying an additional 3,732,959 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Globus Medical by 16.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock worth $53,873,000 after buying an additional 141,492 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Globus Medical by 854.5% during the fourth quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock worth $8,544,000 after buying an additional 143,540 shares in the last quarter. Sector Gamma AS acquired a new stake in shares of Globus Medical during the third quarter worth $11,014,000. Finally, Barclays PLC lifted its holdings in shares of Globus Medical by 58.8% during the third quarter. Barclays PLC now owns 630,662 shares of the medical device company’s stock worth $31,315,000 after buying an additional 233,459 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

NYSE:GMED opened at $50.55 on Friday. The stock has a market cap of $6.84 billion, a P/E ratio of 43.21, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average is $53.00 and its 200-day moving average is $51.33. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $62.88.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. The company had revenue of $616.53 million for the quarter, compared to analysts’ expectations of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business’s quarterly revenue was up 124.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.59 earnings per share. Equities research analysts anticipate that Globus Medical, Inc. will post 2.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on GMED shares. Stifel Nicolaus raised their price target on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Truist Financial raised their price target on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Monday, March 18th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and an average target price of $66.33.

Insider Buying and Selling

In related news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the transaction, the director now directly owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 24.30% of the stock is owned by insiders.

About Globus Medical

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.