Ameriprise Financial Inc. Has $11.73 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Ameriprise Financial Inc. increased its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 13.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 141,849 shares of the medical device company's stock after acquiring an additional 16,479 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.10% of Globus Medical worth $11,732,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GMED. SBI Securities Co. Ltd. acquired a new position in shares of Globus Medical in the 4th quarter valued at $27,000. UMB Bank n.a. boosted its holdings in shares of Globus Medical by 60.2% in the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company's stock worth $45,000 after buying an additional 206 shares during the period. V Square Quantitative Management LLC increased its position in shares of Globus Medical by 52.0% in 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 holdings in shares of Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock valued at $55,000 after acquiring an additional 132 shares during the period. Finally, Huntington National Bank lifted its position in shares of Globus Medical by 47.8% in the 4th quarter. Huntington National Bank now owns 958 shares of the medical device company's stock valued at $79,000 after acquiring an additional 310 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GMED shares. Piper Sandler cut their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Wells Fargo & Company lowered their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Barclays increased their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $94.00.

Globus Medical Stock Performance

NYSE GMED traded down $0.11 during trading on Friday, hitting $58.49. The stock had a trading volume of 522,412 shares, compared to its average volume of 1,100,456. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The company's 50-day moving average price is $69.60 and its two-hundred day moving average price is $78.94. The company has a market capitalization of $8.04 billion, a PE ratio of 77.91, a P/E/G ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last released 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 net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. During the same period in the prior year, the firm posted $0.72 EPS. Globus Medical's revenue was down 1.4% compared to the same quarter last year. As a group, equities analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its Board of Directors has authorized a share buyback 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 repurchase up to 6.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are 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.