108,600 Shares in Globus Medical, Inc. $GMED Purchased by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse DE Depot ET Placement DU Quebec has made a new investment of $7.95 million in Globus Medical, purchasing 108,600 shares during the first quarter.
• Several other investors, including Old West Investment Management and MetLife Investment Management, have also increased their stakes in Globus Medical, indicating strong institutional support for the company.
• Analysts have downgraded price targets for Globus Medical, with a consensus target price of $87.64, reflecting a more cautious outlook on the stock despite its recent positive quarterly earnings performance.

Caisse DE Depot ET Placement DU Quebec purchased a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 108,600 shares of the medical device company's stock, valued at approximately $7,950,000. Caisse DE Depot ET Placement DU Quebec owned 0.08% of Globus Medical at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GMED. Berry Wealth Group LP boosted its holdings in shares of Globus Medical by 4.2% in the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock valued at $260,000 after buying an additional 144 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Globus Medical by 2.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock valued at $479,000 after buying an additional 150 shares during the last quarter. HB Wealth Management LLC grew its holdings in shares of Globus Medical by 4.7% in the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock valued at $278,000 after purchasing an additional 170 shares during the period. Whittier Trust Co. boosted its stake in Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after buying an additional 184 shares during the period. Finally, Parallel Advisors LLC boosted its stake in Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after buying an additional 193 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Piper Sandler cut their price objective on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Wells Fargo & Company decreased their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. BTIG Research restated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Eight analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Globus Medical Price Performance

Shares of GMED stock traded up $0.13 on Monday, hitting $61.26. 864,351 shares of the stock traded hands, compared to its average volume of 1,371,570. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93. The company's fifty day moving average is $57.65 and its 200 day moving average is $65.24. The company has a market capitalization of $8.27 billion, a PE ratio of 23.56, a PEG ratio of 1.71 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. During the same quarter in the prior year, the business posted $0.75 earnings per share. The company's revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, equities research analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

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.