Globus Medical, Inc. $GMED Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its holdings in Globus Medical by 54.7%, now owning 14,803 shares valued at approximately $1.08 million.
• Several hedge funds increased their stakes in Globus Medical, with Hsbc Holdings PLC boosting its stake by 443.5% in the last quarter.
• Analysts have varying ratings for the stock, with eight analysts offering a Buy rating and a consensus target price of $87.64, despite some revisions downward on price objectives.

Russell Investments Group Ltd. lowered its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 54.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 14,803 shares of the medical device company's stock after selling 17,842 shares during the quarter. Russell Investments Group Ltd.'s holdings in Globus Medical were worth $1,084,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of GMED. Farther Finance Advisors LLC grew its holdings in shares of Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after purchasing an additional 240 shares during the period. Larson Financial Group LLC grew its holdings in shares of Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares during the period. Parallel Advisors LLC grew its holdings in shares of Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the period. Versant Capital Management Inc grew its holdings in shares of Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares during the period. Finally, Whittier Trust Co. grew its holdings in shares of Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after purchasing an additional 184 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

GMED has been the topic of several recent research reports. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. 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. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Canaccord Genuity Group cut their target price on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 22nd. Finally, Truist Financial dropped their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Globus Medical presently has an average rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Trading Down 1.8%

GMED traded down $1.10 during trading on Wednesday, reaching $58.80. 1,393,313 shares of the company were exchanged, compared to its average volume of 1,321,600. The stock has a market cap of $7.94 billion, a P/E ratio of 22.62, a PEG ratio of 1.71 and a beta of 1.16. The firm has a 50 day moving average of $57.76 and a 200 day moving average of $65.00. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. During the same quarter in the prior year, the business posted $0.75 earnings per share. The company's revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has initiated a stock buyback program on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board 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.