Bessemer Group Inc. Trims Holdings in Globus Medical, Inc. (NYSE:GMED)

Bessemer Group Inc. lowered its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 49.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,642 shares of the medical device company's stock after selling 29,551 shares during the period. Bessemer Group Inc.'s holdings in Globus Medical were worth $2,243,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in shares of Globus Medical by 255.9% in the fourth quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company's stock worth $8,588,000 after buying an additional 74,659 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Globus Medical by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 13,320 shares of the medical device company's stock worth $975,000 after purchasing an additional 350 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Globus Medical during the 4th quarter worth approximately $1,190,000. Cetera Investment Advisers increased its holdings in shares of Globus Medical by 13.9% during the 4th quarter. Cetera Investment Advisers now owns 8,263 shares of the medical device company's stock valued at $683,000 after purchasing an additional 1,008 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in shares of Globus Medical by 4.9% in the 4th quarter. Sei Investments Co. now owns 96,775 shares of the medical device company's stock valued at $8,004,000 after purchasing an additional 4,505 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Finally, Piper Sandler cut their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $94.00.

Globus Medical Price Performance

NYSE GMED traded up $0.40 during trading hours on Wednesday, hitting $60.60. 1,056,027 shares of the company's stock traded hands, compared to its average volume of 1,122,861. The firm's 50-day moving average is $62.16 and its 200-day moving average is $74.25. The company has a market capitalization of $8.20 billion, a PE ratio of 45.30, a PEG ratio of 1.72 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.

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 (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $629.74 million. During the same period in the previous year, the company posted $0.72 EPS. Globus Medical's revenue was down 1.4% on a year-over-year basis. Equities research analysts predict 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 initiated a share buyback plan on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans 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.