New York State Common Retirement Fund Purchases 74,051 Shares of Globus Medical, Inc. (NYSE:GMED)

New York State Common Retirement Fund lifted its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 94.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 152,388 shares of the medical device company's stock after buying an additional 74,051 shares during the quarter. New York State Common Retirement Fund owned about 0.11% of Globus Medical worth $11,155,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Berry Wealth Group LP raised its position in shares of Globus Medical by 4.2% during the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock worth $260,000 after purchasing an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Globus Medical by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock valued at $479,000 after purchasing an additional 150 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after purchasing an additional 193 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Globus Medical by 3.0% during 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 last quarter. Finally, Capital Investment Counsel Inc raised its stake in Globus Medical by 0.9% in the 1st quarter. Capital Investment Counsel Inc now owns 22,490 shares of the medical device company's stock worth $1,646,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Performance

Globus Medical stock traded down $1.20 during midday trading on Friday, hitting $56.35. 870,561 shares of the company's stock were exchanged, compared to its average volume of 1,163,967. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93. The company has a market cap of $7.63 billion, a P/E ratio of 42.05, a PEG ratio of 1.64 and a beta of 1.19. The stock has a 50-day moving average price of $58.74 and a two-hundred day moving average price of $72.03.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). The company had revenue of $598.12 million during 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 EPS. As a group, sell-side analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical announced that its board has authorized a stock repurchase program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to reacquire up to 6.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GMED. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Morgan Stanley lowered their price objective on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday. Truist Financial decreased their target price 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 reiterated a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $91.09.

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.