Massachusetts Financial Services Co. MA Increases Holdings in Globus Medical, Inc. (NYSE:GMED)

Massachusetts Financial Services Co. MA raised its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 25.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 605,770 shares of the medical device company's stock after acquiring an additional 122,417 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.44% of Globus Medical worth $44,342,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Proficio Capital Partners LLC bought a new position in shares of Globus Medical during the 4th quarter valued at about $1,190,000. HighTower Advisors LLC lifted its holdings in shares of Globus Medical by 2.4% in the 4th quarter. HighTower Advisors LLC now owns 40,002 shares of the medical device company's stock valued at $3,309,000 after acquiring an additional 935 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Globus Medical by 11.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,787 shares of the medical device company's stock worth $644,000 after purchasing an additional 831 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in Globus Medical by 3.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 6,920 shares of the medical device company's stock worth $572,000 after purchasing an additional 200 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in shares of Globus Medical by 16.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 678,492 shares of the medical device company's stock worth $56,118,000 after acquiring an additional 95,435 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Trading Up 1.7%

Shares of NYSE GMED opened at $57.56 on Friday. The stock has a 50-day moving average price of $58.73 and a two-hundred day moving average price of $72.22. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The company has a market cap of $7.79 billion, a price-to-earnings ratio of 42.96, a PEG ratio of 1.65 and a beta of 1.19.

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

Globus Medical declared that its board has authorized a stock repurchase plan on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on GMED shares. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Finally, Morgan Stanley dropped their price objective on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.09.

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.

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