TT International Asset Management LTD Invests $2.80 Million in Globus Medical, Inc. (NYSE:GMED)

TT International Asset Management LTD bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 38,231 shares of the medical device company's stock, valued at approximately $2,799,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of GMED. State of Alaska Department of Revenue increased its stake in Globus Medical by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 13,320 shares of the medical device company's stock worth $975,000 after buying an additional 350 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Globus Medical by 16.6% in the first quarter. Janney Montgomery Scott LLC now owns 18,068 shares of the medical device company's stock worth $1,323,000 after buying an additional 2,576 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Globus Medical by 5.7% in the first quarter. Exchange Traded Concepts LLC now owns 173,782 shares of the medical device company's stock worth $12,721,000 after purchasing an additional 9,357 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in Globus Medical by 7.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 731,192 shares of the medical device company's stock worth $53,522,000 after purchasing an additional 51,600 shares during the last quarter. Finally, Greenwood Capital Associates LLC lifted its holdings in shares of Globus Medical by 10.4% in the 1st quarter. Greenwood Capital Associates LLC now owns 10,436 shares of the medical device company's stock valued at $764,000 after acquiring an additional 983 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on GMED shares. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Piper Sandler dropped their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Truist Financial lowered their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research note on Monday, May 12th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $94.00.

Globus Medical Price Performance

GMED stock traded up $0.90 during mid-day trading on Tuesday, reaching $58.71. 902,599 shares of the company's stock were exchanged, compared to its average volume of 1,119,587. Globus Medical, Inc. has a 12-month low of $54.48 and a 12-month high of $94.93. The stock's 50 day moving average is $63.60 and its 200 day moving average is $75.20. The company has a market cap of $7.95 billion, a price-to-earnings ratio of 43.81, a price-to-earnings-growth ratio of 1.68 and a beta of 1.20.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $629.74 million. During the same quarter in the previous year, the business posted $0.72 earnings per share. The firm's revenue was down 1.4% on a year-over-year basis. On average, research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its Board of Directors has initiated a stock buyback program 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 repurchase up to 6.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board 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.