Kyle Kline, the Chief Financial Officer of Globus Medical, Inc. (NYSE:GMED), executed the sale of 18,542 shares of the company’s stock on December 1, 2023. The shares were sold at an average price of $90.00, resulting in a total transaction value of $1,668,780.00. This information was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
Following the sale, Globus Medical’s stock opened at $87.77 on Thursday, reflecting a decrease of 1.4%. Over the past year, the stock has experienced significant fluctuations, with a low of $51.79 and a high of $94.93. The company currently holds a market capitalization of $11.75 billion and maintains a price-to-earnings ratio of 28.31.
Globus Medical recently reported its quarterly earnings for the period ending November 6, 2023. The company achieved earnings of $1.18 per share, surpassing analysts’ consensus estimate of $0.79 by $0.39. The results indicate a return on equity of 11.52% and a net margin of 15.30%. Revenue for the quarter reached $769.05 million, exceeding the expectations of $734.58 million. This marks a year-over-year revenue increase of 22.9%. For the fiscal year 2025, Globus Medical has set its earnings guidance between 3.750 and 3.85 EPS.
Institutional Investor Activity
Recent trading activity shows that institutional investors have been actively adjusting their positions in Globus Medical. Vanguard Group Inc. increased its stake by 0.4% in the first quarter, now holding 10,909,082 shares valued at approximately $798.5 million after acquiring an additional 45,248 shares.
Similarly, Burgundy Asset Management Ltd. raised its holdings by 24.3% during the second quarter, owning 3,481,438 shares worth $205.5 million after purchasing an additional 679,691 shares. William Blair Investment Management LLC also increased its investment by 17.2%, acquiring 414,134 shares in the third quarter, thus owning 2,819,165 shares valued at $161.5 million.
Overall, institutional and hedge fund investors now hold approximately 95.16% of Globus Medical’s stock, highlighting the strong interest in this medical device company.
About Globus Medical
Globus Medical, Inc. specializes in developing and commercializing healthcare solutions aimed at patients with musculoskeletal disorders in both the United States and internationally. The company’s product range includes spine products such as fusion implants, intervertebral spacers, and treatment options for motion preservation technologies. It also offers interventional solutions for vertebral compression fractures and regenerative biologic products, encompassing allografts and synthetic alternatives.
As the company continues to innovate in the medical device sector, the recent stock activity and positive earnings report reflect a robust growth trajectory and heightened interest from investors.
