Vestcor Inc Sells 7,947 Shares of Globus Medical, Inc. (NYSE:GMED)

Key Points

• Vestcor Inc decreased its holdings in Globus Medical by 49.4%, selling 7,947 shares and leaving it with 8,137 shares valued at approximately $596,000.
• Multiple institutional investors have increased their stakes in Globus Medical, with Envestnet Asset Management Inc. raising its holdings by 49.5% during the same quarter.
• Analysts have mixed ratings for Globus Medical, with an average rating of "Moderate Buy" and a consensus price target of $90.09 following recent price adjustments by firms such as Morgan Stanley and Piper Sandler.

Vestcor Inc reduced its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 49.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,137 shares of the medical device company's stock after selling 7,947 shares during the period. Vestcor Inc's holdings in Globus Medical were worth $596,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Farther Finance Advisors LLC boosted its holdings in Globus Medical by 145.5% during the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after purchasing an additional 240 shares in the last quarter. Larson Financial Group LLC boosted its stake in Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock valued at $32,000 after buying an additional 393 shares in the last quarter. Parallel Advisors LLC grew its position in Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after acquiring an additional 193 shares during the period. Versant Capital Management Inc raised its stake in Globus Medical by 932.1% during the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after acquiring an additional 494 shares in the last quarter. Finally, Whittier Trust Co. lifted its holdings in shares of Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after acquiring an additional 184 shares during the period. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Performance

Globus Medical stock traded down $0.05 during midday trading on Tuesday, reaching $53.58. 1,117,147 shares of the company's stock were exchanged, compared to its average volume of 1,575,971. The stock's 50-day simple moving average is $57.43 and its 200 day simple moving average is $69.31. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of 39.99, a P/E/G ratio of 1.57 and a beta of 1.20. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share 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 the consensus estimate of $629.74 million. During the same period in the prior year, the company earned $0.72 earnings per share. The firm's revenue was down 1.4% compared to the same quarter last year. Research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical declared that its board has approved a share buyback plan on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

GMED has been the subject of a number of recent analyst reports. Piper Sandler dropped their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Canaccord Genuity Group reduced their price objective on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, July 22nd. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, Barclays reiterated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $90.09.

Globus Medical Company 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.