Fort Washington Investment Advisors Inc. OH Cuts Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Fort Washington Investment Advisors Inc. OH reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 28.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 296,010 shares of the medical device company's stock after selling 119,231 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.22% of Globus Medical worth $21,668,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in 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 period. JPMorgan Chase & Co. raised its stake in Globus Medical by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock worth $231,946,000 after acquiring an additional 199,556 shares during the last quarter. Burgundy Asset Management Ltd. raised its stake in 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 worth $216,544,000 after acquiring an additional 43,330 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Globus Medical by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company's stock valued at $156,969,000 after buying an additional 12,151 shares during the last quarter. Finally, Geneva Capital Management LLC raised its stake in shares of 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 valued at $150,188,000 after buying an additional 217,707 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Barclays reiterated an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Stifel Nicolaus boosted their target price on Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Wells Fargo & Company lowered their target price on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, 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. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Stock Up 0.0%

NYSE GMED traded up $0.01 on Monday, reaching $58.91. The stock had a trading volume of 1,185,487 shares, compared to its average volume of 1,118,233. The firm has a market capitalization of $7.98 billion, a price-to-earnings ratio of 78.55, a P/E/G ratio of 1.61 and a beta of 1.20. Globus Medical, Inc. has a 12-month low of $54.48 and a 12-month high of $94.93. The stock has a fifty day moving average price of $65.13 and a two-hundred day moving average price of $76.11.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to analysts' expectations of $629.74 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 EPS. Sell-side analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are 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.