Globus Medical, Inc. (NYSE:GMED) Shares Acquired by Burgundy Asset Management Ltd.

Burgundy Asset Management Ltd. grew its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 1.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,618,108 shares of the medical device company's stock after purchasing an additional 43,330 shares during the quarter. Globus Medical accounts for about 2.2% of Burgundy Asset Management Ltd.'s holdings, making the stock its 11th biggest holding. Burgundy Asset Management Ltd. owned about 1.92% of Globus Medical worth $216,544,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GMED. PharVision Advisers LLC purchased a new stake in shares of Globus Medical during the fourth quarter worth $339,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Globus Medical by 9.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 319,500 shares of the medical device company's stock worth $26,426,000 after purchasing an additional 28,330 shares in the last quarter. iSAM Funds UK Ltd purchased a new stake in Globus Medical during the 4th quarter worth about $256,000. Vestal Point Capital LP purchased a new stake in Globus Medical during the 4th quarter worth about $26,881,000. Finally, Tidal Investments LLC raised its position in Globus Medical by 19.6% in the 4th quarter. Tidal Investments LLC now owns 5,294 shares of the medical device company's stock valued at $438,000 after purchasing an additional 868 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Globus Medical Stock Down 0.3%

NYSE:GMED traded down $0.18 during mid-day trading on Wednesday, reaching $59.41. 332,751 shares of the stock were exchanged, compared to its average volume of 1,105,585. The stock has a market capitalization of $8.04 billion, a P/E ratio of 79.15, a P/E/G ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a 1 year low of $54.48 and a 1 year high of $94.93. The company has a 50 day simple moving average of $68.78 and a 200-day simple moving average of $78.49.

Globus Medical (NYSE:GMED - Get Free Report) last announced 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 return on equity of 10.83% and a net margin of 4.09%. The business had revenue of $598.12 million for the quarter, compared to analysts' expectations of $629.74 million. During the same quarter last year, the business posted $0.72 earnings per share. The business's revenue was down 1.4% on a year-over-year basis. As a group, research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on GMED shares. Truist Financial lowered their price objective on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Barclays raised their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Piper Sandler decreased their price objective 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. Finally, BTIG Research reissued a "neutral" rating on shares of Globus Medical in a report on Tuesday. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Globus Medical presently has an average 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.