New York State Common Retirement Fund increased its holdings in Globus Medical, Inc. (NYSE:GMED – Get Rating) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 103,776 shares of the medical device company's stock after purchasing an additional 431 shares during the period. New York State Common Retirement Fund owned 0.10% of Globus Medical worth $7,657,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Signaturefd LLC grew its position in shares of Globus Medical by 93.8% in the first quarter. Signaturefd LLC now owns 345 shares of the medical device company's stock valued at $25,000 after purchasing an additional 167 shares during the period. Northwestern Mutual Investment Management Company LLC grew its position in shares of Globus Medical by 1.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 13,102 shares of the medical device company's stock valued at $946,000 after purchasing an additional 168 shares during the period. Rothschild Investment Corp IL grew its position in Globus Medical by 4.0% during the first quarter. Rothschild Investment Corp IL now owns 4,613 shares of the medical device company's stock valued at $341,000 after acquiring an additional 177 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its position in Globus Medical by 60.2% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 535 shares of the medical device company's stock valued at $39,000 after acquiring an additional 201 shares during the period. Finally, Pacer Advisors Inc. grew its position in Globus Medical by 2.1% during the fourth quarter. Pacer Advisors Inc. now owns 10,242 shares of the medical device company's stock valued at $739,000 after acquiring an additional 214 shares during the period. Hedge funds and other institutional investors own 67.19% of the company's stock.
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Globus Medical Stock Performance
NYSE:GMED opened at $63.79 on Wednesday. Globus Medical, Inc. has a one year low of $52.60 and a one year high of $84.23. The business's 50-day simple moving average is $58.44 and its 200 day simple moving average is $65.37. The stock has a market cap of $6.49 billion, a price-to-earnings ratio of 42.81, a price-to-earnings-growth ratio of 3.01 and a beta of 1.13.
Globus Medical (NYSE:GMED – Get Rating) last released its quarterly earnings results on Tuesday, May 10th. The medical device company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.04). Globus Medical had a return on equity of 11.81% and a net
margin of 15.91%. The business had revenue of $230.55 million during the quarter, compared to analyst estimates of $232.88 million. During the same quarter last year, the firm posted $0.49 EPS. The company's revenue was up 1.4% compared to the same quarter last year. On average, equities research analysts predict that Globus Medical, Inc. will post 2.1 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on GMED. Canaccord Genuity Group lowered their price target on Globus Medical from $80.00 to $75.00 in a research report on Wednesday, May 11th. Piper Sandler lowered their price target on Globus Medical from $80.00 to $75.00 and set an "overweight" rating for the company in a research report on Friday, August 5th. BTIG Research lowered their price target on Globus Medical to $71.00 in a research report on Tuesday. Wells Fargo & Company lowered their price target on Globus Medical from $80.00 to $70.00 in a research report on Wednesday, May 11th. Finally, Morgan Stanley decreased their target price on Globus Medical from $68.00 to $62.00 and set an "equal weight" rating for the company in a research report on Friday, July 15th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Globus Medical has a consensus rating of "Moderate Buy" and an average target price of $77.36.
Globus Medical Company Profile
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Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.
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