Swiss National Bank raised its holdings in Globus Medical, Inc. (NYSE:GMED – Get Rating) by 8.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 186,900 shares of the medical device company's stock after acquiring an additional 14,600 shares during the period. Swiss National Bank owned about 0.18% of Globus Medical worth $13,789,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Teacher Retirement System of Texas grew its stake in Globus Medical by 7.1% in the first quarter. Teacher Retirement System of Texas now owns 16,353 shares of the medical device company's stock valued at $1,207,000 after acquiring an additional 1,078 shares during the period. M&T Bank Corp boosted its position in shares of Globus Medical by 6.7% during the first quarter. M&T Bank Corp now owns 32,788 shares of the medical device company's stock worth $2,419,000 after buying an additional 2,062 shares during the period. Qube Research & Technologies Ltd boosted its position in shares of Globus Medical by 25.8% during the first quarter. Qube Research & Technologies Ltd now owns 10,278 shares of the medical device company's stock worth $758,000 after buying an additional 2,109 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Globus Medical by 1.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 90,057 shares of the medical device company's stock worth $6,644,000 after buying an additional 1,682 shares during the period. Finally, JJJ Advisors Inc. boosted its position in shares of Globus Medical by 111.2% during the first quarter. JJJ Advisors Inc. now owns 828 shares of the medical device company's stock worth $61,000 after buying an additional 436 shares during the period. 67.19% of the stock is owned by institutional investors and hedge funds.
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Globus Medical Stock Down 0.7 %
NYSE:GMED opened at $67.06 on Wednesday. The stock's 50 day moving average price is $58.60 and its two-hundred day moving average price is $65.38. The firm has a market capitalization of $6.67 billion, a price-to-earnings ratio of 45.01, a P/E/G ratio of 3.19 and a beta of 1.13. Globus Medical, Inc. has a 12-month low of $52.60 and a 12-month high of $84.23.
Analyst Ratings Changes
Several research firms have recently weighed in on GMED. Morgan Stanley reduced their price objective 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. StockNews.com raised Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday. Wells Fargo & Company reduced their price objective on Globus Medical from $80.00 to $70.00 in a research report on Wednesday, May 11th. Piper Sandler dropped their target price on Globus Medical from $80.00 to $75.00 and set an "overweight" rating on the stock in a report on Friday, August 5th. Finally, Canaccord Genuity Group dropped their target price on Globus Medical from $80.00 to $75.00 in a report on Wednesday, May 11th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and a consensus price target 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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