Globus Medical, Inc. (NYSE:GMED) Stock Position Decreased by Covea Finance

Covea Finance lessened its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 69.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 76,400 shares of the medical device company's stock after selling 174,120 shares during the period. Covea Finance owned about 0.06% of Globus Medical worth $5,592,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Globus Medical by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock worth $898,548,000 after acquiring an additional 240,218 shares in the last quarter. JPMorgan Chase & Co. grew its position 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 in the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of Globus Medical by 1.7% during the fourth 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 lifted 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 purchasing an additional 12,151 shares in the last quarter. Finally, Geneva Capital Management LLC lifted its position in shares of Globus Medical by 13.6% during the fourth 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. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Barclays reissued an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Piper Sandler lowered their target price on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Stock Performance

Shares of GMED stock traded up $0.43 during trading hours on Friday, hitting $57.80. 1,808,548 shares of the company were exchanged, compared to its average volume of 1,118,510. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 43.13, a P/E/G ratio of 1.68 and a beta of 1.20. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93. The business's 50-day simple moving average is $63.90 and its two-hundred day simple moving average is $75.43.

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 (EPS) for the quarter, missing the consensus estimate 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 quarter in the previous year, the company earned $0.72 EPS. The company's quarterly revenue was down 1.4% compared to the same quarter last year. As a group, analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has approved a share repurchase program on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors 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.