Teacher Retirement System of Texas Sells 9,724 Shares of Globus Medical, Inc. (NYSE:GMED)

Teacher Retirement System of Texas reduced its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 16.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 47,748 shares of the medical device company's stock after selling 9,724 shares during the quarter. Teacher Retirement System of Texas' holdings in Globus Medical were worth $3,495,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in shares of Globus Medical during the fourth quarter worth approximately $27,000. Farther Finance Advisors LLC lifted its holdings in shares of Globus Medical by 145.5% during the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after buying an additional 240 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after buying an additional 193 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Globus Medical by 932.1% during the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after buying an additional 494 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Globus Medical by 30.9% during the first quarter. First Horizon Advisors Inc. now owns 872 shares of the medical device company's stock worth $64,000 after buying an additional 206 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays reiterated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Truist Financial lowered their price objective 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. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, Piper Sandler lowered their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Stock Up 0.9%

NYSE:GMED traded up $0.52 during trading hours on Thursday, reaching $57.83. The company had a trading volume of 156,332 shares, compared to its average volume of 1,148,596. The stock has a 50-day moving average of $60.44 and a two-hundred day moving average of $73.31. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93. The firm has a market capitalization of $7.83 billion, a PE ratio of 43.15, a PEG ratio of 1.65 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The company had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. During the same quarter last year, the company earned $0.72 earnings per share. The business's revenue was down 1.4% on a year-over-year basis. 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 of Directors has authorized a share 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 repurchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

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.