Globus Medical, Inc. $GMED Shares Acquired by Royal Bank of Canada

Royal Bank of Canada lifted its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 15.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 416,789 shares of the medical device company's stock after buying an additional 56,432 shares during the quarter. Royal Bank of Canada owned 0.30% of Globus Medical worth $30,509,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC raised its holdings in shares of Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after buying an additional 240 shares during the period. 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 during 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 during the last quarter. Versant Capital Management Inc increased its holdings in 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 purchasing an additional 494 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Globus Medical by 202.6% during 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. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. JMP Securities restated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Barclays restated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Morgan Stanley dropped their price objective on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Wall Street Zen downgraded Globus Medical from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Finally, Canaccord Genuity Group dropped their price objective on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a report 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's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Stock Down 1.5%

Shares of GMED traded down $0.89 during mid-day trading on Friday, hitting $58.73. The stock had a trading volume of 807,333 shares, compared to its average volume of 953,093. The company has a market cap of $7.93 billion, a PE ratio of 22.59, a PEG ratio of 1.63 and a beta of 1.16. The company's fifty day simple moving average is $57.78 and its two-hundred day simple moving average is $63.89. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93.

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

Globus Medical declared that its board has initiated a share 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 reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are often a sign 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.