Champlain Investment Partners LLC decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,041,208 shares of the medical device company's stock after selling 57,564 shares during the quarter. Champlain Investment Partners LLC owned about 0.76% of Globus Medical worth $76,216,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GMED. NewEdge Advisors LLC increased its stake in Globus Medical by 24.6% during the fourth quarter. NewEdge Advisors LLC now owns 5,909 shares of the medical device company's stock worth $489,000 after acquiring an additional 1,166 shares during the last quarter. First Trust Advisors LP increased its stake in Globus Medical by 24.6% during the fourth quarter. First Trust Advisors LP now owns 97,193 shares of the medical device company's stock worth $8,039,000 after acquiring an additional 19,161 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Globus Medical by 7.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 506,122 shares of the medical device company's stock worth $41,862,000 after acquiring an additional 35,796 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Globus Medical by 180.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,483 shares of the medical device company's stock worth $536,000 after acquiring an additional 4,175 shares during the last quarter. Finally, Stifel Financial Corp increased its stake in Globus Medical by 9.1% during the fourth quarter. Stifel Financial Corp now owns 57,634 shares of the medical device company's stock worth $4,767,000 after acquiring an additional 4,799 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 research analysts have issued reports on the company. Barclays reissued an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Canaccord Genuity Group lowered their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Truist Financial lowered their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $87.64.
Check Out Our Latest Research Report on GMED
Globus Medical Stock Performance
Shares of GMED opened at $61.88 on Wednesday. The stock has a 50-day simple moving average of $57.43 and a 200-day simple moving average of $65.87. The stock has a market capitalization of $8.36 billion, a PE ratio of 23.80, a PEG ratio of 1.71 and a beta of 1.20. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93.
Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.10. The business had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The business's quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 EPS. Analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.
Globus Medical announced that its Board of Directors has initiated a share buyback program on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.
Globus Medical Profile
(
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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