GW&K Investment Management LLC Reduces Stake in Globus Medical, Inc. (NYSE:GMED)

GW&K Investment Management LLC decreased its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 1.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,719,928 shares of the medical device company's stock after selling 25,187 shares during the period. Globus Medical accounts for about 1.2% of GW&K Investment Management LLC's holdings, making the stock its 4th largest position. GW&K Investment Management LLC owned about 1.25% of Globus Medical worth $125,899,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in GMED. Commonwealth Equity Services LLC grew its holdings in Globus Medical by 11.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,787 shares of the medical device company's stock valued at $644,000 after buying an additional 831 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Globus Medical by 3.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 6,920 shares of the medical device company's stock valued at $572,000 after purchasing an additional 200 shares during the last quarter. Xponance Inc. raised its position in Globus Medical by 6.3% in the 4th quarter. Xponance Inc. now owns 12,892 shares of the medical device company's stock valued at $1,066,000 after purchasing an additional 767 shares during the last quarter. Teacher Retirement System of Texas raised its position in Globus Medical by 217.8% in the 4th quarter. Teacher Retirement System of Texas now owns 57,472 shares of the medical device company's stock valued at $4,754,000 after purchasing an additional 39,390 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Globus Medical by 0.9% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,118 shares of the medical device company's stock valued at $2,078,000 after purchasing an additional 215 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 issued reports on GMED shares. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Monday. Canaccord Genuity Group cut their price objective on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday. Morgan Stanley dropped their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $90.09.

Globus Medical Stock Performance

NYSE:GMED traded down $0.60 on Thursday, reaching $53.45. The company's stock had a trading volume of 366,629 shares, compared to its average volume of 1,437,961. Globus Medical, Inc. has a 1-year low of $51.87 and a 1-year high of $94.93. The firm has a market cap of $7.24 billion, a PE ratio of 39.91, a PEG ratio of 1.55 and a beta of 1.19. The business's 50-day moving average price is $58.42 and its two-hundred day moving average price is $71.42.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The business had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. During the same period in the previous year, the firm posted $0.72 earnings per share. The firm's revenue was down 1.4% on a year-over-year basis. As a group, sell-side analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its Board of Directors has approved a share 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 repurchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Globus Medical 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.