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

Teacher Retirement System of Texas lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 16.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 quarter.

Other large investors have also recently modified their holdings of the company. American Century Companies Inc. lifted its position in Globus Medical by 255.9% in the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company's stock worth $8,588,000 after buying an additional 74,659 shares during the last quarter. Illinois Municipal Retirement Fund bought a new stake in Globus Medical in the 1st quarter worth approximately $587,000. New York State Teachers Retirement System lifted its position in Globus Medical by 1.2% in the 1st quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock worth $6,452,000 after buying an additional 1,027 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Globus Medical in the 1st quarter worth approximately $753,000. Finally, GAMMA Investing LLC lifted its position in Globus Medical by 20.3% in the 1st quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock worth $111,000 after buying an additional 256 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Piper Sandler dropped their target price on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Price Performance

Globus Medical stock traded down $0.71 during mid-day trading on Friday, reaching $57.09. 1,407,031 shares of the company traded hands, compared to its average volume of 1,159,342. The firm's 50 day moving average price is $59.88 and its 200 day moving average price is $72.95. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of 42.60, a P/E/G ratio of 1.66 and a beta of 1.19. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued 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). The company had revenue of $598.12 million for the quarter, compared to analysts' expectations of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 earnings per share. On average, sell-side analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its board has authorized a share buyback program on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are 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.