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Charles Schwab Investment Management Inc. Trims Stock Position in Globus Medical, Inc. (NYSE:GMED)

Globus Medical logo with Medical background

Charles Schwab Investment Management Inc. trimmed its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,188,130 shares of the medical device company's stock after selling 33,085 shares during the period. Charles Schwab Investment Management Inc. owned about 0.86% of Globus Medical worth $86,971,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Globus Medical by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company's stock worth $798,545,000 after acquiring an additional 45,248 shares in the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of Globus Medical by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock worth $216,544,000 after purchasing an additional 43,330 shares in the last quarter. Geneva Capital Management LLC raised its stake in shares of Globus Medical by 1.0% during the 1st quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company's stock worth $134,223,000 after purchasing an additional 17,810 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Globus Medical by 74.9% during the 4th quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company's stock worth $93,981,000 after purchasing an additional 486,756 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Globus Medical by 1.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,076,733 shares of the medical device company's stock valued at $89,057,000 after acquiring an additional 10,989 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Up 1.0%

Globus Medical stock traded up $0.61 during trading on Friday, hitting $60.63. 1,327,654 shares of the company were exchanged, compared to its average volume of 1,743,096. The company has a market capitalization of $8.21 billion, a P/E ratio of 23.32, a PEG ratio of 1.68 and a beta of 1.20. The business's 50 day moving average is $57.22 and its 200 day moving average is $67.33. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93.

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

Globus Medical announced that its board has approved a stock repurchase program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Piper Sandler lowered their target price on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Morgan Stanley cut their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Wells Fargo & Company cut their price objective on Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.64.

View Our Latest Stock Report on Globus Medical

About Globus Medical

(Free Report)

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.

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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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