Bank of America Corp DE Sells 192,543 Shares of Globus Medical, Inc. (NYSE:GMED)

Bank of America Corp DE trimmed its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 32.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 400,723 shares of the medical device company's stock after selling 192,543 shares during the period. Bank of America Corp DE owned 0.29% of Globus Medical worth $33,144,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. BLI Banque de Luxembourg Investments acquired a new position in shares of Globus Medical in the 4th quarter valued at about $12,818,000. Ameriprise Financial Inc. grew its position in Globus Medical by 13.1% during the fourth quarter. Ameriprise Financial Inc. now owns 141,849 shares of the medical device company's stock valued at $11,732,000 after purchasing an additional 16,479 shares in the last quarter. Algert Global LLC grew its position in Globus Medical by 72.8% during the fourth quarter. Algert Global LLC now owns 209,547 shares of the medical device company's stock valued at $17,332,000 after purchasing an additional 88,314 shares in the last quarter. Freestone Grove Partners LP acquired a new position in Globus Medical in the 4th quarter valued at approximately $6,290,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in Globus Medical in the 4th quarter worth approximately $157,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Truist Financial lowered their target price on Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Piper Sandler reduced their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, Stifel Nicolaus boosted their price target on Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, Globus Medical presently has an average rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Stock Performance

Shares of NYSE GMED traded down $0.75 during mid-day trading on Thursday, reaching $58.53. 98,207 shares of the company traded hands, compared to its average volume of 1,095,982. The company's fifty day moving average is $69.87 and its two-hundred day moving average is $79.05. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The stock has a market cap of $8.05 billion, a PE ratio of 78.01, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same period in the previous year, the company earned $0.72 EPS. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. Research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical declared that its board has initiated a share repurchase plan on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

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.