Globus Medical, Inc. (NYSE:GMED) Holdings Boosted by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 94.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,388 shares of the medical device company's stock after purchasing an additional 74,051 shares during the quarter. New York State Common Retirement Fund owned 0.11% of Globus Medical worth $11,155,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Emerald Mutual Fund Advisers Trust bought a new stake in Globus Medical in the 1st quarter worth $986,000. Xponance Inc. lifted its holdings in shares of Globus Medical by 2.0% during the first quarter. Xponance Inc. now owns 13,151 shares of the medical device company's stock valued at $963,000 after purchasing an additional 259 shares during the last quarter. State of Michigan Retirement System boosted its holdings in Globus Medical by 1.1% in the first quarter. State of Michigan Retirement System now owns 27,261 shares of the medical device company's stock worth $1,996,000 after acquiring an additional 300 shares in the last quarter. Alps Advisors Inc. grew its holdings in shares of Globus Medical by 6.0% during the first quarter. Alps Advisors Inc. now owns 11,982 shares of the medical device company's stock valued at $877,000 after buying an additional 678 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Globus Medical by 49.5% during the first quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock valued at $30,258,000 after purchasing an additional 136,955 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Stock Up 2.3%

Globus Medical stock traded up $1.18 during midday trading on Tuesday, reaching $53.07. The company's stock had a trading volume of 2,287,390 shares, compared to its average volume of 1,184,608. The business has a 50-day simple moving average of $58.74 and a 200-day simple moving average of $71.89. The company has a market cap of $7.18 billion, a P/E ratio of 39.61, a P/E/G ratio of 1.51 and a beta of 1.19. Globus Medical, Inc. has a fifty-two week low of $51.87 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $598.12 million for the quarter, compared to analysts' expectations of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.72 EPS. As a group, equities analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical announced that its Board of Directors has initiated 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Truist Financial dropped 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. Piper Sandler decreased their target price on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Canaccord Genuity Group lowered their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a report on Tuesday. Morgan Stanley dropped their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Finally, Barclays reiterated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $90.09.

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.