Bank of New York Mellon Corp Decreases Stake in Globus Medical, Inc. (NYSE:GMED)

Bank of New York Mellon Corp trimmed its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 14.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. US Bancorp DE raised its position in Globus Medical by 3.2% in the 4th quarter. US Bancorp DE now owns 4,305 shares of the medical device company's stock worth $356,000 after purchasing an additional 135 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of Globus Medical during the fourth quarter valued at approximately $27,000. Proficio Capital Partners LLC purchased a new stake in shares of Globus Medical in the fourth quarter worth approximately $1,190,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Globus Medical by 14.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,095 shares of the medical device company's stock worth $2,572,000 after acquiring an additional 3,828 shares during the last quarter. Finally, Wealthfront Advisers LLC purchased a new position in Globus Medical during the 4th quarter valued at $6,845,000. Institutional investors own 95.16% of the company's stock.

Globus Medical Trading Down 1.2%

Shares of NYSE:GMED traded down $0.71 on Friday, reaching $57.09. The company had a trading volume of 1,407,031 shares, compared to its average volume of 1,332,862. The firm has a market capitalization of $7.73 billion, a PE ratio of 18.65, a PEG ratio of 1.68 and a beta of 1.19. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93. The firm's 50 day simple moving average is $60.18 and its 200-day simple moving average is $73.13.

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

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GMED. Piper Sandler decreased their target price on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Wall Street Zen upgraded 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 report on Tuesday, May 27th. Finally, JMP Securities reaffirmed a "market perform" 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 data from MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Company 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.