Royal Bank of Canada Has $30.51 Million Holdings in Globus Medical, Inc. $GMED

Royal Bank of Canada lifted its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 15.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 416,789 shares of the medical device company's stock after purchasing an additional 56,432 shares during the period. Royal Bank of Canada owned about 0.30% of Globus Medical worth $30,509,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC grew 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 worth $30,000 after purchasing an additional 240 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Globus Medical by 1,007.7% in 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 during the last quarter. Parallel Advisors LLC grew its stake in shares of Globus Medical by 62.1% in 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 during the last quarter. Versant Capital Management Inc grew its stake in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Globus Medical by 202.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock worth $42,000 after purchasing an additional 383 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on GMED shares. Wells Fargo & Company lowered their price objective on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Morgan Stanley dropped their target price on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Canaccord Genuity Group dropped their target price on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 22nd. Finally, Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Stock Performance

Shares of Globus Medical stock traded up $0.81 on Thursday, reaching $59.25. The stock had a trading volume of 368,580 shares, compared to its average volume of 1,406,905. The business's 50-day moving average price is $57.77 and its two-hundred day moving average price is $64.18. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The stock has a market cap of $8.00 billion, a P/E ratio of 22.79, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share 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 business had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. During the same period in the previous year, the company earned $0.75 earnings per share. Globus Medical's revenue for the quarter was up 18.4% on a year-over-year basis. As a group, equities analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has approved a stock buyback plan on Thursday, May 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors 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.