Royal Bank of Canada Reduces Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Royal Bank of Canada lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 53.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 360,357 shares of the medical device company's stock after selling 419,957 shares during the period. Royal Bank of Canada owned 0.26% of Globus Medical worth $29,805,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of 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. raised its position in Globus Medical by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock valued at $231,946,000 after buying an additional 199,556 shares during the last quarter. 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 purchasing an additional 12,151 shares in the last quarter. Geneva Capital Management LLC raised its stake in shares of Globus Medical by 13.6% during the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company's stock worth $150,188,000 after purchasing an additional 217,707 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Globus Medical during the 4th quarter worth approximately $117,102,000. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Performance

Shares of NYSE GMED traded up $0.64 during trading on Tuesday, hitting $59.60. The company had a trading volume of 1,358,955 shares, compared to its average volume of 1,108,630. The stock has a 50 day simple moving average of $69.06 and a 200 day simple moving average of $78.62. The firm has a market capitalization of $8.20 billion, a P/E ratio of 79.47, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. During the same period in the previous year, the firm earned $0.72 EPS. The business's revenue was down 1.4% compared to the same quarter last year. As a group, analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its board has initiated a share buyback program on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GMED. 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 report on Friday, May 9th. Truist Financial cut their target price 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. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research note on Tuesday. Barclays raised their price objective on Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Finally, Wells Fargo & Company reduced their price objective 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. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.00.

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.