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Victory Capital Management Inc. Has $33.24 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Globus Medical logo with Medical background

Victory Capital Management Inc. lifted its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 18.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 454,132 shares of the medical device company's stock after acquiring an additional 69,950 shares during the period. Victory Capital Management Inc. owned approximately 0.33% of Globus Medical worth $33,242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of GMED. Berry Wealth Group LP lifted its holdings in shares of Globus Medical by 4.2% in the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock worth $260,000 after acquiring an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Globus Medical by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock valued at $479,000 after acquiring an additional 150 shares during the period. Whittier Trust Co. lifted its holdings in Globus Medical by 46.5% in 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. Parallel Advisors LLC boosted its stake in shares of Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after acquiring an additional 193 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in Globus Medical by 3.0% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 6,920 shares of the medical device company's stock valued at $572,000 after acquiring an additional 200 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Trading Down 1.4%

NYSE:GMED traded down $0.78 during midday trading on Thursday, hitting $53.26. 1,087,881 shares of the stock were exchanged, compared to its average volume of 1,651,166. The company has a market capitalization of $7.21 billion, a price-to-earnings ratio of 39.75, a P/E/G ratio of 1.58 and a beta of 1.19. Globus Medical, Inc. has a one year low of $51.87 and a one year high of $94.93. The business has a 50-day moving average price of $58.33 and a two-hundred day moving average price of $71.21.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). The company 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 company's revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.72 earnings per share. Sell-side analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has approved a share repurchase program on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have issued reports on GMED shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Monday. Barclays reissued an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. 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 report on Tuesday. JMP Securities restated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Morgan Stanley reduced their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $90.09.

View Our Latest Research Report on Globus Medical

Globus Medical Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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