Lord Abbett & CO. LLC Increases Stock Position in Globus Medical, Inc. (NYSE:GMED)

Lord Abbett & CO. LLC lifted its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 31.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 695,676 shares of the medical device company's stock after purchasing an additional 165,225 shares during the period. Lord Abbett & CO. LLC owned about 0.51% of Globus Medical worth $57,539,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. First Horizon Advisors Inc. raised its holdings in Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock worth $55,000 after purchasing an additional 132 shares during the last quarter. US Bancorp DE raised its stake in Globus Medical by 3.2% during the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company's stock worth $356,000 after buying an additional 135 shares during the last quarter. Berry Wealth Group LP lifted its holdings in Globus Medical by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company's stock valued at $282,000 after buying an additional 164 shares during the period. CIBC Asset Management Inc boosted its position in Globus Medical by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 3,487 shares of the medical device company's stock valued at $288,000 after acquiring an additional 175 shares during the last quarter. Finally, Mather Group LLC. raised its position in shares of Globus Medical by 16.3% in the 4th quarter. Mather Group LLC. now owns 1,356 shares of the medical device company's stock worth $112,000 after acquiring an additional 190 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Truist Financial decreased their target price on Globus Medical from $82.00 to $80.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Bank of America raised shares of Globus Medical from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. Wells Fargo & Company decreased their price target on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Canaccord Genuity Group increased their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Four equities research 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, Globus Medical currently has an average rating of "Moderate Buy" and a consensus price target of $96.91.

Globus Medical Stock Performance

NYSE GMED traded down $0.19 during trading on Thursday, hitting $71.58. 163,437 shares of the company's stock traded hands, compared to its average volume of 1,040,793. The business has a 50 day moving average of $73.66 and a 200-day moving average of $80.06. Globus Medical, Inc. has a 12-month low of $49.33 and a 12-month high of $94.93. The stock has a market capitalization of $9.85 billion, a price-to-earnings ratio of 95.42, a PEG ratio of 1.61 and a beta of 1.28.

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

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.