Globus Medical, Inc. (NYSE:GMED) Holdings Raised by New York State Teachers Retirement System

New York State Teachers Retirement System increased its stake in Globus Medical, Inc. (NYSE:GMED) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,143 shares of the medical device company’s stock after purchasing an additional 1,027 shares during the quarter. New York State Teachers Retirement System owned approximately 0.06% of Globus Medical worth $6,452,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GMED. SBI Securities Co. Ltd. acquired a new position in shares of Globus Medical in the fourth quarter worth about $27,000. Farther Finance Advisors LLC lifted its position in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock valued at $30,000 after acquiring an additional 240 shares in the last quarter. Parallel Advisors LLC boosted its stake in Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock worth $37,000 after purchasing an additional 193 shares during the period. Versant Capital Management Inc grew its position in Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company’s stock worth $40,000 after purchasing an additional 494 shares in the last quarter. Finally, Huntington National Bank grew its position in Globus Medical by 47.8% during the 4th quarter. Huntington National Bank now owns 958 shares of the medical device company’s stock worth $79,000 after purchasing an additional 310 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. BTIG Research restated a “neutral” rating on shares of Globus Medical in a report on Tuesday, May 27th. Truist Financial decreased their price objective on Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a research report on Monday, May 12th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Barclays reissued an “overweight” rating on shares of Globus Medical in a research report on Tuesday, June 10th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Globus Medical in a research report on Tuesday, May 27th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

Globus Medical Stock Down 2.4%

NYSE GMED opened at $59.10 on Friday. The stock has a market capitalization of $8.00 billion, a PE ratio of 44.10, a price-to-earnings-growth ratio of 1.72 and a beta of 1.19. Globus Medical, Inc. has a 12-month low of $54.48 and a 12-month high of $94.93. The company has a 50 day moving average price of $61.38 and a two-hundred day moving average price of $73.78.

Globus Medical (NYSE:GMED) last released 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). The business had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.72 EPS. As a group, equities analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its board has authorized a stock buyback program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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.