Mount Lucas Management LP Takes Position in Globus Medical, Inc. (NYSE:GMED)

Mount Lucas Management LP bought a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,695 shares of the medical device company's stock, valued at approximately $710,000.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Globus Medical by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock worth $898,548,000 after purchasing an additional 240,218 shares during the period. JPMorgan Chase & Co. grew its stake in Globus Medical by 7.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock worth $231,946,000 after purchasing an additional 199,556 shares during the period. Burgundy Asset Management Ltd. grew its stake in Globus Medical by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock valued at $216,544,000 after acquiring an additional 43,330 shares during the period. Geode Capital Management LLC grew its stake in Globus Medical by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company's stock valued at $156,969,000 after acquiring an additional 12,151 shares during the period. Finally, Norges Bank acquired a new stake in Globus Medical in the fourth quarter valued at approximately $117,102,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GMED. Morgan Stanley cut their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Barclays reissued an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Truist Financial lowered their price target 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. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $90.09.

Globus Medical Price Performance

NYSE GMED traded up $1.16 during trading on Friday, reaching $54.45. The company's stock had a trading volume of 1,399,239 shares, compared to its average volume of 1,640,347. The stock has a market capitalization of $7.37 billion, a PE ratio of 40.63, a P/E/G ratio of 1.56 and a beta of 1.19. The firm has a fifty day moving average of $58.19 and a 200 day moving average of $71.01. Globus Medical, Inc. has a one year low of $51.87 and a one year high of $94.93.

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 for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The business had revenue of $598.12 million during 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%. Globus Medical's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 earnings per share. Research analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has approved a share buyback plan on Thursday, May 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the medical device company to buy 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.