Covea Finance Has $5.59 Million Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Covea Finance lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 69.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 76,400 shares of the medical device company's stock after selling 174,120 shares during the period. Covea Finance owned 0.06% of Globus Medical worth $5,592,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Globus Medical by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock worth $898,548,000 after buying an additional 240,218 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Globus Medical by 7.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock valued at $231,946,000 after acquiring an additional 199,556 shares during the period. Burgundy Asset Management Ltd. grew its position in shares of Globus Medical by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock valued at $216,544,000 after purchasing an additional 43,330 shares during the period. Geode Capital Management LLC increased its position in shares of Globus Medical by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company's stock worth $156,969,000 after acquiring an additional 12,151 shares in the last quarter. Finally, Geneva Capital Management LLC increased its holdings in Globus Medical by 13.6% during the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company's stock worth $150,188,000 after purchasing an additional 217,707 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analyst Weigh In

GMED has been the topic of several recent research reports. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Barclays restated an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Finally, Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $94.00.

Globus Medical Price Performance

Shares of NYSE GMED traded up $0.90 during mid-day trading on Tuesday, hitting $58.71. 902,599 shares of the stock traded hands, compared to its average volume of 1,118,239. The company has a market cap of $7.95 billion, a PE ratio of 43.81, a price-to-earnings-growth ratio of 1.68 and a beta of 1.20. Globus Medical, Inc. has a twelve month low of $54.48 and a twelve month high of $94.93. The firm has a 50 day simple moving average of $63.60 and a two-hundred day simple moving average of $75.20.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The firm had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same period in the previous year, the business posted $0.72 earnings per share. The business's revenue for the quarter was down 1.4% compared to the same quarter last year. On average, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has initiated a stock buyback plan on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows 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 board believes its shares are undervalued.

Globus Medical 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.