Truist Financial Corp Buys 439,693 Shares of Globus Medical, Inc. (NYSE:GMED)

Truist Financial Corp grew its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 640.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 508,318 shares of the medical device company's stock after purchasing an additional 439,693 shares during the quarter. Truist Financial Corp owned about 0.37% of Globus Medical worth $37,209,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new position in Globus Medical during the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC raised its position in Globus Medical by 145.5% during the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after purchasing an additional 193 shares during the period. Versant Capital Management Inc grew its stake in shares of Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after acquiring an additional 494 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Globus Medical by 30.9% in the first quarter. First Horizon Advisors Inc. now owns 872 shares of the medical device company's stock valued at $64,000 after acquiring an additional 206 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on GMED shares. Barclays restated an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a 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 for the company in a report on Friday, May 9th. Finally, Truist Financial lowered their price target on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Stock Performance

Globus Medical stock traded up $0.61 during midday trading on Tuesday, reaching $56.58. The company's stock had a trading volume of 2,416,746 shares, compared to its average volume of 1,144,636. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The stock's 50 day simple moving average is $61.05 and its 200 day simple moving average is $73.54. The firm has a market capitalization of $7.66 billion, a PE ratio of 42.22, a P/E/G ratio of 1.72 and a beta of 1.19.

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

Globus Medical announced that its Board of Directors has authorized a share buyback plan on Thursday, May 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are 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.