Burgundy Asset Management Ltd. Has $216.54 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Burgundy Asset Management Ltd. boosted its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,618,108 shares of the medical device company's stock after purchasing an additional 43,330 shares during the quarter. Globus Medical makes up 2.2% of Burgundy Asset Management Ltd.'s portfolio, making the stock its 11th biggest position. Burgundy Asset Management Ltd. owned approximately 1.92% of Globus Medical worth $216,544,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of GMED. PharVision Advisers LLC purchased a new position in Globus Medical during the 4th quarter valued at approximately $339,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Globus Medical by 9.7% during the fourth 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 valued at $26,426,000 after acquiring an additional 28,330 shares in the last quarter. iSAM Funds UK Ltd purchased a new stake in Globus Medical in the fourth quarter valued at approximately $256,000. Vestal Point Capital LP purchased a new stake in Globus Medical in the 4th quarter worth approximately $26,881,000. Finally, Tidal Investments LLC raised its stake in shares of Globus Medical by 19.6% during the 4th quarter. Tidal Investments LLC now owns 5,294 shares of the medical device company's stock worth $438,000 after buying an additional 868 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Up 1.1%

Shares of GMED traded up $0.64 during trading hours on Tuesday, reaching $59.60. The stock had a trading volume of 1,347,112 shares, compared to its average volume of 1,108,630. The firm has a 50-day moving average of $69.06 and a 200 day moving average of $78.62. The company has a market cap of $8.20 billion, a P/E ratio of 79.47, a P/E/G ratio of 1.61 and a beta of 1.32. 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 announced its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $629.74 million. During the same quarter in the previous year, the business earned $0.72 EPS. Globus Medical's revenue was down 1.4% on a year-over-year basis. As a group, equities analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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

Analysts Set New Price Targets

GMED has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Stifel Nicolaus lifted their price target on Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, February 21st. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research report on Tuesday. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research note on Tuesday. Finally, Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, Globus Medical currently has a consensus rating of "Moderate Buy" and a consensus 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.