Vaughan Nelson Investment Management L.P. Boosts Holdings in Globus Medical, Inc. (NYSE:GMED)

Vaughan Nelson Investment Management L.P. lifted its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 7.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 731,192 shares of the medical device company's stock after purchasing an additional 51,600 shares during the quarter. Vaughan Nelson Investment Management L.P. owned about 0.53% of Globus Medical worth $53,522,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. V Square Quantitative Management LLC boosted its stake in Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company's stock worth $48,000 after buying an additional 197 shares during the period. New York State Teachers Retirement System boosted its stake in shares of Globus Medical by 12.3% during the 4th quarter. New York State Teachers Retirement System now owns 87,116 shares of the medical device company's stock worth $7,205,000 after purchasing an additional 9,539 shares during the period. bLong Financial LLC purchased a new position in shares of Globus Medical during the 4th quarter worth about $397,000. AlphaCentric Advisors LLC bought a new position in Globus Medical during the 4th quarter valued at about $2,000,000. Finally, Pittenger & Anderson Inc. purchased a new stake in Globus Medical in the 4th quarter worth about $200,000. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Performance

Globus Medical stock traded down $0.60 during midday trading on Wednesday, hitting $57.55. 660,860 shares of the company's stock were exchanged, compared to its average volume of 1,117,187. The company has a market cap of $7.79 billion, a PE ratio of 42.97, a P/E/G ratio of 1.71 and a beta of 1.20. The firm has a 50-day moving average of $64.81 and a two-hundred day moving average of $75.99. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month 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 the consensus estimate of $0.74 by ($0.06). The business 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 business's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 earnings per share. As a group, equities analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical declared that its board has initiated a stock repurchase plan on Thursday, May 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to buy up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Truist Financial dropped their price objective on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Piper Sandler cut their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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.