Canada Pension Plan Investment Board Purchases New Holdings in Globus Medical, Inc. (NYSE:GMED)

Canada Pension Plan Investment Board bought a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 11,400 shares of the medical device company's stock, valued at approximately $943,000.

Several other institutional investors have also recently bought and sold shares of GMED. Wilmington Savings Fund Society FSB grew its position in shares of Globus Medical by 11.3% in the third quarter. Wilmington Savings Fund Society FSB now owns 14,470 shares of the medical device company's stock valued at $1,035,000 after purchasing an additional 1,470 shares during the last quarter. Synovus Financial Corp grew its holdings in Globus Medical by 9.8% in the 3rd quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company's stock valued at $1,024,000 after buying an additional 1,281 shares during the last quarter. Franklin Resources Inc. bought a new position in Globus Medical in the 3rd quarter worth approximately $3,833,000. Lord Abbett & CO. LLC acquired a new position in shares of Globus Medical during the third quarter worth approximately $37,948,000. Finally, GAMMA Investing LLC boosted its position in shares of Globus Medical by 41.7% in the fourth quarter. GAMMA Investing LLC now owns 1,258 shares of the medical device company's stock valued at $104,000 after acquiring an additional 370 shares during the period. Institutional investors own 95.16% of the company's stock.

Globus Medical Price Performance

Shares of GMED traded down $0.52 during trading hours on Wednesday, hitting $71.81. The stock had a trading volume of 1,138,583 shares, compared to its average volume of 1,044,250. Globus Medical, Inc. has a 52 week low of $49.33 and a 52 week high of $94.93. The stock has a market capitalization of $9.88 billion, a price-to-earnings ratio of 95.75, a P/E/G ratio of 1.61 and a beta of 1.28. The company's fifty day moving average is $73.66 and its two-hundred day moving average is $80.06.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. The firm had revenue of $657.29 million for the quarter, compared to analysts' expectations of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. Equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. StockNews.com cut shares of Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Bank of America raised shares of Globus Medical from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. Truist Financial decreased their target price on Globus Medical from $82.00 to $80.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Finally, Wells Fargo & Company reduced their price objective on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.91.

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.