Canada Pension Plan Investment Board Buys 76,100 Shares of Globus Medical, Inc. $GMED

Key Points

• The Canada Pension Plan Investment Board increased its stake in Globus Medical by 667.5%, acquiring an additional 76,100 shares during the first quarter, raising its total holdings to approximately $6.4 million.
• Globus Medical reported $0.86 earnings per share in the latest quarter, exceeding the consensus estimate of $0.76 and achieving an 18.4% increase in revenue year-over-year.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Globus Medical, with an average target price of $87.64, despite recent fluctuations in the stock price.

Canada Pension Plan Investment Board increased its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 667.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,500 shares of the medical device company's stock after acquiring an additional 76,100 shares during the quarter. Canada Pension Plan Investment Board owned about 0.06% of Globus Medical worth $6,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC increased its stake in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after acquiring an additional 393 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after acquiring an additional 193 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after acquiring an additional 494 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in Globus Medical by 202.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock valued at $42,000 after purchasing an additional 383 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on GMED. Canaccord Genuity Group reduced their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Wall Street Zen downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Friday. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Truist Financial dropped their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a report on Monday, May 12th. Finally, Morgan Stanley dropped their price objective on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Stock Up 0.4%

NYSE:GMED traded up $0.26 during trading hours on Friday, hitting $60.55. 1,028,767 shares of the stock traded hands, compared to its average volume of 1,280,388. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93. The company has a market cap of $8.18 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 1.69 and a beta of 1.16. The stock has a 50 day moving average price of $57.83 and a 200 day moving average price of $64.54.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The company's revenue for the quarter was up 18.4% on a year-over-year basis. Equities analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its board has initiated a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

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.