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Northern Trust Corp Purchases 14,612 Shares of Globus Medical, Inc. $GMED

Globus Medical logo with Medical background

Key Points

  • Northern Trust Corp increased its stake in Globus Medical, acquiring an additional 14,612 shares, bringing its ownership to 928,944 shares valued at approximately $68 million as of the latest SEC filing.
  • Globus Medical reported a quarterly earnings per share (EPS) of $0.86, surpassing analysts' expectations, with revenues of $745.34 million reflecting an 18.4% year-over-year increase.
  • The company initiated a share buyback plan, allowing for the repurchase of up to $500 million in shares, which indicates confidence in the stock's valuation by management.
  • Need better tools to track Globus Medical? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Northern Trust Corp raised its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 1.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 928,944 shares of the medical device company's stock after buying an additional 14,612 shares during the period. Northern Trust Corp owned about 0.68% of Globus Medical worth $67,999,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Invesco Ltd. lifted its stake in shares of Globus Medical by 331.9% in the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock valued at $147,949,000 after purchasing an additional 1,553,154 shares during the last quarter. RTW Investments LP bought a new position in Globus Medical in the 4th quarter worth $80,394,000. Iron Triangle Partners LP bought a new position in Globus Medical in the 4th quarter worth $69,808,000. Polar Capital Holdings Plc bought a new position in shares of Globus Medical during the 4th quarter worth about $63,762,000. Finally, Nuveen LLC bought a new position in shares of Globus Medical during the 1st quarter worth about $54,669,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Stock Up 0.2%

Shares of NYSE GMED traded up $0.13 during mid-day trading on Friday, reaching $61.26. 864,351 shares of the company were exchanged, compared to its average volume of 1,428,877. The company's 50-day simple moving average is $57.58 and its 200-day simple moving average is $65.66. The stock has a market capitalization of $8.27 billion, a P/E ratio of 23.56, a P/E/G ratio of 1.72 and a beta of 1.20. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93.

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

Globus Medical declared that its board has approved a stock 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 purchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Piper Sandler lowered their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Barclays reiterated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. JMP Securities restated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Canaccord Genuity Group lowered their target price 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. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Read Our Latest Stock Analysis on GMED

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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