Nuveen Asset Management LLC Has $52.63 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Nuveen Asset Management LLC grew its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 87.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 636,345 shares of the medical device company's stock after buying an additional 297,046 shares during the period. Nuveen Asset Management LLC owned approximately 0.47% of Globus Medical worth $52,632,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. LMR Partners LLP acquired a new position in shares of Globus Medical during the 4th quarter worth about $4,991,000. Iron Triangle Partners LP acquired a new position in shares of Globus Medical during the 4th quarter worth about $69,808,000. Gotham Asset Management LLC acquired a new position in shares of Globus Medical during the 4th quarter worth about $2,826,000. Ensign Peak Advisors Inc lifted its position in shares of Globus Medical by 66.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 60,647 shares of the medical device company's stock worth $5,016,000 after purchasing an additional 24,289 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Globus Medical by 3.1% during the 4th quarter. Deutsche Bank AG now owns 38,441 shares of the medical device company's stock worth $3,179,000 after purchasing an additional 1,157 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on GMED shares. StockNews.com raised Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Barclays boosted their price target on Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. Piper Sandler lowered their price target 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. Finally, Wells Fargo & Company lowered their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $94.00.

Globus Medical Trading Up 6.0%

GMED stock opened at $61.29 on Monday. Globus Medical, Inc. has a 1-year low of $54.48 and a 1-year high of $94.93. The firm has a market cap of $8.43 billion, a P/E ratio of 81.72, a P/E/G ratio of 1.61 and a beta of 1.32. The business's 50 day moving average is $70.47 and its 200-day moving average is $79.41.

Globus Medical (NYSE:GMED - Get Free Report) last released 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). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. During the same quarter in the prior year, the company posted $0.72 earnings per share. The company's revenue for the quarter was down 1.4% on a year-over-year basis. Sell-side analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its board has authorized a stock repurchase plan 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 purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.

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.

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