Globus Medical, Inc. (NYSE:GMED) Shares Purchased by Homestead Advisers Corp

Homestead Advisers Corp lifted its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 15.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,325 shares of the medical device company's stock after acquiring an additional 10,100 shares during the period. Homestead Advisers Corp owned approximately 0.06% of Globus Medical worth $5,587,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in GMED. Berry Wealth Group LP grew its holdings in Globus Medical by 4.2% during the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock valued at $260,000 after purchasing an additional 144 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Globus Medical by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock valued at $479,000 after purchasing an additional 150 shares in the last quarter. Whittier Trust Co. grew its holdings in Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after purchasing an additional 184 shares in the last quarter. Parallel Advisors LLC grew 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 valued at $37,000 after purchasing an additional 193 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in Globus Medical by 3.0% during 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 in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GMED. BTIG Research reaffirmed 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 research note on Monday, May 12th. Piper Sandler reduced their price objective on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research note on Monday. Finally, Barclays reiterated an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $90.09.

Globus Medical Trading Up 2.2%

NYSE:GMED traded up $1.17 during mid-day trading on Friday, hitting $54.46. The stock had a trading volume of 562,491 shares, compared to its average volume of 1,436,862. The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of 40.64, a P/E/G ratio of 1.58 and a beta of 1.19. The company has a 50 day simple moving average of $58.33 and a 200-day simple moving average of $71.21. Globus Medical, Inc. has a 52 week low of $51.87 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 earnings per share. As a group, equities research analysts anticipate 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 stock buyback 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 purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership 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.