American International Group Inc. Trims Holdings in Globus Medical Inc (GMED)

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American International Group Inc. lessened its position in Globus Medical Inc (NYSE:GMED) by 1.7% in the first quarter, HoldingsChannel.com reports. The fund owned 197,941 shares of the medical device company’s stock after selling 3,507 shares during the quarter. American International Group Inc.’s holdings in Globus Medical were worth $9,780,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc lifted its position in shares of Globus Medical by 3.4% in the third quarter. Vanguard Group Inc now owns 6,735,494 shares of the medical device company’s stock worth $382,306,000 after purchasing an additional 219,780 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Globus Medical by 477.9% in the fourth quarter. Meeder Asset Management Inc. now owns 8,998 shares of the medical device company’s stock worth $389,000 after purchasing an additional 7,441 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Globus Medical by 3.3% in the fourth quarter. Bank of Montreal Can now owns 8,576 shares of the medical device company’s stock worth $372,000 after purchasing an additional 277 shares in the last quarter. Strs Ohio lifted its position in shares of Globus Medical by 1.6% in the fourth quarter. Strs Ohio now owns 31,000 shares of the medical device company’s stock worth $1,341,000 after purchasing an additional 500 shares in the last quarter. Finally, First Quadrant L P CA lifted its position in shares of Globus Medical by 30.7% in the fourth quarter. First Quadrant L P CA now owns 10,710 shares of the medical device company’s stock worth $464,000 after purchasing an additional 2,516 shares in the last quarter. 68.65% of the stock is owned by hedge funds and other institutional investors.

GMED has been the topic of several recent research reports. Zacks Investment Research lowered shares of Globus Medical from a “hold” rating to a “sell” rating in a research report on Friday, February 22nd. UBS Group raised shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Thursday, February 28th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $60.00 price objective on shares of Globus Medical in a research report on Friday, March 1st. ValuEngine lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Tuesday, March 5th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. Globus Medical has a consensus rating of “Buy” and an average price target of $56.30.

NYSE:GMED opened at $42.60 on Monday. Globus Medical Inc has a 12 month low of $38.01 and a 12 month high of $57.83. The company has a market capitalization of $4.22 billion, a PE ratio of 25.51, a PEG ratio of 2.18 and a beta of 0.79.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, May 2nd. The medical device company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). The company had revenue of $182.90 million during the quarter, compared to analyst estimates of $186.59 million. Globus Medical had a return on equity of 14.09% and a net margin of 20.81%. The company’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 EPS. On average, sell-side analysts forecast that Globus Medical Inc will post 1.72 EPS for the current year.

In other news, SVP Kelly Huller sold 3,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $48.59, for a total value of $145,770.00. Following the sale, the senior vice president now owns 12,384 shares in the company, valued at $601,738.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Anthony L. Williams sold 212,082 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $46.83, for a total transaction of $9,931,800.06. Following the completion of the sale, the president now owns 89,583 shares in the company, valued at approximately $4,195,171.89. The disclosure for this sale can be found here. In the last 90 days, insiders sold 426,852 shares of company stock worth $20,061,774. 24.97% of the stock is currently owned by corporate insiders.

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Globus Medical Profile

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

Further Reading: Net Margin – Understanding the Different Kinds of Profit

Want to see what other hedge funds are holding GMED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Globus Medical Inc (NYSE:GMED).

Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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