Leeward Investments LLC MA Has $11.92 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Leeward Investments LLC MA decreased its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 25.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,852 shares of the medical device company's stock after selling 54,807 shares during the quarter. Leeward Investments LLC MA owned about 0.12% of Globus Medical worth $11,921,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of GMED. American Century Companies Inc. lifted its holdings in Globus Medical by 255.9% during the fourth quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company's stock valued at $8,588,000 after purchasing an additional 74,659 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in shares of Globus Medical during the first quarter valued at about $587,000. New York State Teachers Retirement System increased its position in shares of Globus Medical by 1.2% during the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock valued at $6,452,000 after acquiring an additional 1,027 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Globus Medical by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 13,320 shares of the medical device company's stock valued at $975,000 after purchasing an additional 350 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in shares of Globus Medical in the fourth quarter valued at approximately $1,190,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Truist Financial lowered their price target on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Finally, Piper Sandler cut their price objective on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Stock Performance

Shares of GMED stock traded down $3.18 during mid-day trading on Monday, reaching $55.99. 2,211,364 shares of the company were exchanged, compared to its average volume of 1,139,546. The business's 50 day simple moving average is $61.38 and its 200 day simple moving average is $73.72. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The company has a market capitalization of $7.58 billion, a P/E ratio of 41.78, a P/E/G ratio of 1.72 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The business's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.72 earnings per share. On average, analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its board has initiated a share repurchase program on Thursday, May 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are 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.