Lord Abbett & CO. LLC Lowers Position in Globus Medical, Inc. $GMED

Key Points

• Lord Abbett & CO. LLC reduced its stake in Globus Medical, Inc. by 16.6%, holding approximately 579,861 shares worth $42.4 million after selling 115,815 shares in the first quarter.
• Globus Medical's stock recently decreased by 4.4% and has a current market cap of $8.13 billion, with a P/E ratio of 23.10.
• The company reported earnings per share (EPS) of $0.86 for the most recent quarter, exceeding analysts' expectations, and announced a $500 million share buyback plan.

Lord Abbett & CO. LLC lowered its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 16.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 579,861 shares of the medical device company's stock after selling 115,815 shares during the period. Lord Abbett & CO. LLC owned about 0.42% of Globus Medical worth $42,446,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Farther Finance Advisors LLC lifted its position in shares of Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after buying an additional 240 shares during the last quarter. Larson Financial Group LLC increased its position in Globus Medical by 1,007.7% during the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after acquiring an additional 393 shares during the period. Parallel Advisors LLC increased its holdings in shares of Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the period. Versant Capital Management Inc raised its holdings in Globus Medical by 932.1% in the 1st 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, Whittier Trust Co. raised its stake in Globus Medical by 46.5% in the first 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. Institutional investors and hedge funds own 95.16% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Truist Financial dropped their price objective 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. Morgan Stanley decreased their price objective on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Wells Fargo & Company cut their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $87.64.

Globus Medical Price Performance

Shares of GMED traded down $0.4030 during mid-day trading on Wednesday, hitting $60.7670. The stock had a trading volume of 945,361 shares, compared to its average volume of 1,549,825. The firm has a market cap of $8.21 billion, a P/E ratio of 23.37, a PEG ratio of 1.71 and a beta of 1.20. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93. The business has a fifty day moving average price of $57.22 and a 200-day moving average price of $66.84.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.10. The company had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm's quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.75 earnings per share. As a group, research analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its Board of Directors has initiated a share buyback plan on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board 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.