Allspring Global Investments Holdings LLC Acquires Shares of 10,265 Globus Medical, Inc. (NYSE:GMED)

Allspring Global Investments Holdings LLC purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 10,265 shares of the medical device company's stock, valued at approximately $753,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of GMED. Vanguard Group Inc. grew its position in Globus Medical by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock worth $898,548,000 after buying an additional 240,218 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Globus Medical by 7.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock valued at $231,946,000 after acquiring an additional 199,556 shares during the last quarter. Burgundy Asset Management Ltd. boosted its stake in shares of Globus Medical by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock worth $216,544,000 after acquiring an additional 43,330 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Globus Medical by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company's stock worth $156,969,000 after acquiring an additional 12,151 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Globus Medical during the fourth quarter worth $117,102,000. Institutional investors own 95.16% of the company's stock.

Wall Street Analyst Weigh In

GMED has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Piper Sandler reduced their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. 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. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Price Performance

Shares of NYSE GMED traded down $0.71 during mid-day trading on Friday, hitting $57.09. The company had a trading volume of 1,407,031 shares, compared to its average volume of 1,157,140. The business's 50-day simple moving average is $59.88 and its 200-day simple moving average is $72.95. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The firm has a market cap of $7.73 billion, a P/E ratio of 42.60, a PEG ratio of 1.68 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The business had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. During the same period in the previous year, the firm earned $0.72 EPS. The business's revenue was down 1.4% compared to the same quarter last year. As a group, sell-side analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are often 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.