Globus Medical, Inc. (NYSE:GMED) Position Trimmed by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 14.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,163,834 shares of the medical device company's stock after selling 189,797 shares during the quarter. Bank of New York Mellon Corp owned 0.85% of Globus Medical worth $85,193,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of GMED. SBI Securities Co. Ltd. acquired a new stake in Globus Medical in the 4th quarter valued at about $27,000. Farther Finance Advisors LLC grew its stake in Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after acquiring an additional 240 shares during the last quarter. Parallel Advisors LLC grew its stake in Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after acquiring an additional 193 shares during the last quarter. Versant Capital Management Inc grew its stake in Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after acquiring an additional 494 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in Globus Medical by 30.9% in the 1st quarter. First Horizon Advisors Inc. now owns 872 shares of the medical device company's stock valued at $64,000 after acquiring an additional 206 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Globus Medical Price Performance

GMED stock traded up $0.29 during midday trading on Monday, reaching $57.41. 1,338,911 shares of the company's stock traded hands, compared to its average volume of 1,418,019. The company has a market capitalization of $7.77 billion, a P/E ratio of 42.85, a PEG ratio of 1.66 and a beta of 1.19. The business has a 50-day moving average price of $59.88 and a two-hundred day moving average price of $72.80. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last posted 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 analysts' expectations of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The company's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.72 EPS. As a group, research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its board has authorized a stock repurchase plan on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GMED. Truist Financial lowered their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Piper Sandler decreased 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 note on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $94.00.

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.