8,427 Shares in Globus Medical, Inc. (NYSE:GMED) Purchased by Twin Capital Management Inc.

Twin Capital Management Inc. purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,427 shares of the medical device company's stock, valued at approximately $617,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Commonwealth Equity Services LLC boosted its holdings 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 position in shares of Globus Medical by 3.0% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 6,920 shares of the medical device company's stock valued at $572,000 after purchasing an additional 200 shares during the period. Xponance Inc. increased its position in Globus Medical by 6.3% during the fourth quarter. Xponance Inc. now owns 12,892 shares of the medical device company's stock worth $1,066,000 after acquiring an additional 767 shares during the period. Teacher Retirement System of Texas increased its position 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 worth $4,754,000 after acquiring an additional 39,390 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Globus Medical by 0.9% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,118 shares of the medical device company's stock worth $2,078,000 after acquiring an additional 215 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Down 1.0%

Shares of GMED stock traded down $0.52 during trading on Thursday, hitting $53.53. The company had a trading volume of 313,402 shares, compared to its average volume of 1,437,627. The stock's 50-day moving average is $58.42 and its two-hundred day moving average is $71.42. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 39.94, a price-to-earnings-growth ratio of 1.55 and a beta of 1.19. Globus Medical, Inc. has a 52 week low of $51.87 and a 52 week high of $94.93.

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 for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The business had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The company's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 earnings per share. On average, research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its board has approved a stock buyback program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently commented on GMED shares. Canaccord Genuity Group cut their target price on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Monday. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Truist Financial reduced their target price 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 company's stock. Based on data from MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $90.09.

About Globus Medical

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.