The Manufacturers Life Insurance Company Buys 10,989 Shares of Globus Medical, Inc. (NYSE:GMED)

The Manufacturers Life Insurance Company lifted its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 1.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,076,733 shares of the medical device company's stock after purchasing an additional 10,989 shares during the quarter. The Manufacturers Life Insurance Company owned 0.79% of Globus Medical worth $89,057,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. raised its stake in shares of Globus Medical by 255.9% in the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company's stock valued at $8,588,000 after buying an additional 74,659 shares in the last quarter. Oak Thistle LLC bought a new stake in Globus Medical in the fourth quarter valued at about $376,000. bLong Financial LLC acquired a new position in Globus Medical in the fourth quarter worth about $397,000. Kathmere Capital Management LLC bought a new position in Globus Medical during the fourth quarter worth about $23,091,000. Finally, HB Wealth Management LLC acquired a new stake in Globus Medical during the fourth quarter valued at approximately $301,000. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Up 1.1 %

NYSE:GMED traded up $0.79 during trading hours on Friday, hitting $71.90. 1,182,627 shares of the stock were exchanged, compared to its average volume of 1,045,322. The company has a market capitalization of $9.89 billion, a P/E ratio of 95.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The company's 50 day moving average is $73.33 and its two-hundred day moving average is $80.08. Globus Medical, Inc. has a twelve month low of $50.00 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. The business had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. On average, equities research analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on GMED. Bank of America upgraded Globus Medical from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Stifel Nicolaus increased their price objective on Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Barclays upped their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Truist Financial cut their price target on shares of Globus Medical from $82.00 to $80.00 and set a "hold" rating for the company in a report on Friday, April 11th. Finally, Canaccord Genuity Group upped their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Four 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, the stock has an average rating of "Moderate Buy" and a consensus price target of $96.91.

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.