UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $26.43 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 9.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 319,500 shares of the medical device company's stock after acquiring an additional 28,330 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.23% of Globus Medical worth $26,426,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in GMED. KBC Group NV lifted its stake in Globus Medical by 1.5% in the fourth quarter. KBC Group NV now owns 46,183 shares of the medical device company's stock valued at $3,820,000 after acquiring an additional 678 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of Globus Medical by 1.5% in the fourth quarter. Pacer Advisors Inc. now owns 24,792 shares of the medical device company's stock worth $2,051,000 after buying an additional 370 shares during the last quarter. Swedbank AB lifted its stake in shares of Globus Medical by 18.9% in the fourth quarter. Swedbank AB now owns 475,489 shares of the medical device company's stock worth $39,328,000 after buying an additional 75,489 shares during the last quarter. Precision Wealth Strategies LLC acquired a new stake in shares of Globus Medical in the fourth quarter worth $479,000. Finally, Berry Wealth Group LP lifted its stake in shares of Globus Medical by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company's stock worth $282,000 after buying an additional 164 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Down 0.8%

Globus Medical stock traded down $0.47 on Thursday, hitting $58.74. The company's stock had a trading volume of 1,105,258 shares, compared to its average volume of 1,110,035. The firm has a market cap of $7.95 billion, a P/E ratio of 78.32, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The company has a fifty day moving average price of $68.49 and a 200-day moving average price of $78.36. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93.

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 (EPS) for the quarter, missing the consensus estimate 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 net margin of 4.09% and a return on equity of 10.83%. The company's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm earned $0.72 EPS. Analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

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

Analysts Set New Price Targets

GMED has been the subject of a number of analyst reports. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research note on Tuesday. Wells Fargo & Company reduced their price objective on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Piper Sandler reduced their price objective on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Stifel Nicolaus boosted their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Finally, Truist Financial reduced 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 equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Globus Medical has an average rating of "Moderate Buy" and a consensus price target of $94.00.

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.