Globus Medical, Inc. (NYSE:GMED) Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. increased its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 0.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,909,082 shares of the medical device company's stock after buying an additional 45,248 shares during the quarter. Vanguard Group Inc. owned about 7.93% of Globus Medical worth $798,545,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Burgundy Asset Management Ltd. grew its holdings in shares of Globus Medical by 1.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock worth $216,544,000 after buying an additional 43,330 shares during the last quarter. Geneva Capital Management LLC grew its holdings in shares of Globus Medical by 1.0% during the first quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company's stock worth $134,223,000 after buying an additional 17,810 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Globus Medical by 74.9% during the fourth quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company's stock worth $93,981,000 after buying an additional 486,756 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Globus Medical by 1.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,076,733 shares of the medical device company's stock worth $89,057,000 after buying an additional 10,989 shares during the last quarter. Finally, RTW Investments LP purchased a new position in shares of Globus Medical during the fourth quarter worth about $80,394,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

Globus Medical Price Performance

Shares of GMED stock traded up $0.61 during midday trading on Friday, reaching $60.63. 1,327,654 shares of the company traded hands, compared to its average volume of 1,743,096. The firm's 50 day simple moving average is $57.22 and its two-hundred day simple moving average is $67.33. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93. The firm has a market cap of $8.21 billion, a PE ratio of 23.32, a price-to-earnings-growth ratio of 1.68 and a beta of 1.20.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. During the same period last year, the firm earned $0.75 EPS. The company's revenue for the quarter was up 18.4% on a year-over-year basis. As a group, research analysts anticipate 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 authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms recently issued reports on GMED. Canaccord Genuity Group lowered their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a report on Tuesday, July 22nd. 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 report on Monday, May 12th. 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 report on Friday, May 9th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $87.64.

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.