The Manufacturers Life Insurance Company Buys 21,370 Shares of Globus Medical, Inc. $GMED

Key Points

• The Manufacturers Life Insurance Company increased its stake in Globus Medical, Inc. by 2.0%, now owning approximately 0.80% of the company, valued at around $80 million.
• Globus Medical's stock has a consensus rating of "Moderate Buy" with a target price set at $87.64, despite recent target price reductions from analysts including Morgan Stanley and Wells Fargo.
• The company reported an EPS of $0.86, surpassing the consensus estimate by $0.10, with revenue of $745.34 million for the quarter, marking an 18.4% increase from the previous year.

The Manufacturers Life Insurance Company boosted its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,098,103 shares of the medical device company's stock after acquiring an additional 21,370 shares during the quarter. The Manufacturers Life Insurance Company owned 0.80% of Globus Medical worth $80,381,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC increased its stake in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after acquiring an additional 240 shares in the last quarter. Larson Financial Group LLC increased its holdings in Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares in the last quarter. Parallel Advisors LLC increased its holdings in Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after buying an additional 494 shares in the last quarter. Finally, Whittier Trust Co. boosted its holdings in shares of Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after buying an additional 184 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GMED shares. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Wells Fargo & Company reduced their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Truist Financial lowered their price target on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. Piper Sandler lowered their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Finally, BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $87.64.

Globus Medical Stock Up 2.3%

Shares of GMED stock traded up $1.33 during trading on Thursday, hitting $60.13. The company had a trading volume of 805,915 shares, compared to its average volume of 1,421,416. The stock's 50-day moving average is $57.76 and its two-hundred day moving average is $65.00. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 23.12, a price-to-earnings-growth ratio of 1.71 and a beta of 1.16. 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 for the quarter, topping the consensus estimate of $0.76 by $0.10. The company had revenue of $745.34 million for the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. Globus Medical's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 earnings per share. On average, research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

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

Globus Medical Company 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.