Ensign Peak Advisors Inc Has $5.02 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Ensign Peak Advisors Inc lifted its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 66.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,647 shares of the medical device company's stock after purchasing an additional 24,289 shares during the quarter. Ensign Peak Advisors Inc's holdings in Globus Medical were worth $5,016,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. SBI Securities Co. Ltd. bought a new stake in Globus Medical during the fourth quarter worth $27,000. UMB Bank n.a. raised its position in Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company's stock worth $45,000 after acquiring an additional 206 shares in the last quarter. V Square Quantitative Management LLC raised its position in Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company's stock worth $48,000 after acquiring an additional 197 shares in the last quarter. First Horizon Advisors Inc. raised its position in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock worth $55,000 after acquiring an additional 132 shares in the last quarter. Finally, Huntington National Bank raised its position in Globus Medical by 47.8% during the fourth quarter. Huntington National Bank now owns 958 shares of the medical device company's stock worth $79,000 after acquiring an additional 310 shares in the last quarter. Institutional investors own 95.16% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on GMED shares. Wells Fargo & Company dropped their price target on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Barclays upped their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Piper Sandler lowered their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Finally, Stifel Nicolaus increased their target price on shares of Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Trading Up 6.0%

Globus Medical stock traded up $3.47 during trading hours on Friday, reaching $61.29. 4,007,008 shares of the stock were exchanged, compared to its average volume of 1,090,273. The company has a market cap of $8.43 billion, a P/E ratio of 81.72, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a twelve month low of $54.48 and a twelve month high of $94.93. The stock has a 50 day moving average of $70.47 and a two-hundred day moving average of $79.37.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.72 earnings per share. On average, analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its Board of Directors has initiated a share repurchase program on Thursday, May 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Globus Medical Profile

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.