Globus Medical, Inc. (NYSE:GMED) Stock Holdings Lifted by Cetera Investment Advisers

Cetera Investment Advisers boosted its position in Globus Medical, Inc. (NYSE:GMED) by 13.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,263 shares of the medical device company’s stock after purchasing an additional 1,008 shares during the quarter. Cetera Investment Advisers’ holdings in Globus Medical were worth $683,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in GMED. Vanguard Group Inc. boosted its position in shares of Globus Medical by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock valued at $898,548,000 after purchasing an additional 240,218 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Globus Medical by 7.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock worth $231,946,000 after buying an additional 199,556 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Globus Medical by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock worth $156,969,000 after buying an additional 12,151 shares during the last quarter. Geneva Capital Management LLC boosted its stake in Globus Medical by 13.6% during the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock valued at $150,188,000 after purchasing an additional 217,707 shares during the period. Finally, Norges Bank bought a new stake in Globus Medical in the 4th quarter valued at $117,102,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Price Performance

Shares of NYSE GMED opened at $59.00 on Monday. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93. The stock’s fifty day moving average price is $69.35 and its two-hundred day moving average price is $78.78. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of 78.66, a P/E/G ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same period last year, the company posted $0.72 EPS. The business’s revenue was down 1.4% on a year-over-year basis. On average, equities analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GMED. Barclays upped their target price on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Piper Sandler reduced their price objective on shares of Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 9th. Stifel Nicolaus lifted their price target on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Truist Financial cut their price objective on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a research report on Monday, May 12th. Finally, Wells Fargo & Company reduced their price objective 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. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $94.00.

Globus Medical Company 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.