Illinois Municipal Retirement Fund Buys New Stake in Globus Medical, Inc. (NYSE:GMED)

Illinois Municipal Retirement Fund bought a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,021 shares of the medical device company's stock, valued at approximately $587,000.

Several other large investors have also recently added to or reduced their stakes in the business. Berry Wealth Group LP increased its position in Globus Medical by 4.2% in the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock valued at $260,000 after acquiring an additional 144 shares during the period. Legacy Advisors LLC acquired a new position in shares of Globus Medical during the 1st quarter valued at $339,000. Oppenheimer Asset Management Inc. increased its position in shares of Globus Medical by 8.8% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 26,097 shares of the medical device company's stock valued at $1,910,000 after purchasing an additional 2,103 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of Globus Medical by 12.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,770 shares of the medical device company's stock valued at $276,000 after purchasing an additional 428 shares during the period. Finally, Intact Investment Management Inc. acquired a new position in shares of Globus Medical during the 1st quarter valued at $249,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GMED has been the topic of several research analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Truist Financial decreased their target price 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. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Globus Medical has a consensus rating of "Moderate Buy" and a consensus price target of $94.00.

Globus Medical Trading Down 2.4%

Shares of NYSE:GMED opened at $59.10 on Friday. Globus Medical, Inc. has a 1 year low of $54.48 and a 1 year high of $94.93. The business has a fifty day simple moving average of $61.66 and a 200 day simple moving average of $74.00. The firm has a market cap of $8.00 billion, a price-to-earnings ratio of 44.10, a P/E/G ratio of 1.76 and a beta of 1.19.

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 for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The company had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same quarter last year, the business earned $0.72 earnings per share. Globus Medical's quarterly revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its Board of Directors has authorized a share repurchase program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors 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.

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