South Dakota Investment Council Reduces Holdings in Globus Medical, Inc. (NYSE:GMED)

South Dakota Investment Council lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 16.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,964 shares of the medical device company's stock after selling 10,800 shares during the period. South Dakota Investment Council's holdings in Globus Medical were worth $3,877,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. HighTower Advisors LLC increased its holdings in shares of Globus Medical by 2.4% during the 4th quarter. HighTower Advisors LLC now owns 40,002 shares of the medical device company's stock worth $3,309,000 after acquiring an additional 935 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Globus Medical by 11.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 7,787 shares of the medical device company's stock valued at $644,000 after buying an additional 831 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Globus Medical by 3.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 6,920 shares of the medical device company's stock valued at $572,000 after acquiring an additional 200 shares in the last quarter. Xponance Inc. grew its position in shares of Globus Medical by 6.3% in the 4th quarter. Xponance Inc. now owns 12,892 shares of the medical device company's stock worth $1,066,000 after buying an additional 767 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Globus Medical by 217.8% during the fourth quarter. Teacher Retirement System of Texas now owns 57,472 shares of the medical device company's stock valued at $4,754,000 after buying an additional 39,390 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

GMED has been the topic of several recent analyst reports. Morgan Stanley reduced their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Canaccord Genuity Group decreased their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $90.09.

Globus Medical Stock Performance

Shares of NYSE:GMED traded up $1.24 during trading hours on Wednesday, hitting $54.25. The stock had a trading volume of 554,813 shares, compared to its average volume of 1,182,218. The firm has a market capitalization of $7.34 billion, a price-to-earnings ratio of 40.42, a PEG ratio of 1.51 and a beta of 1.19. Globus Medical, Inc. has a 1-year low of $51.87 and a 1-year high of $94.93. The stock's fifty day simple moving average is $58.74 and its 200 day simple moving average is $71.89.

Globus Medical (NYSE:GMED - Get Free Report) last issued its earnings results 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 business had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. Globus Medical's revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 earnings per share. As a group, research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its Board of Directors has approved a share buyback plan on Thursday, May 15th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the medical device company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are often 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.