M&T Bank Corp Has $355,000 Stake in Globus Medical, Inc. (NYSE:GMED)

M&T Bank Corp lowered its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 51.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,849 shares of the medical device company’s stock after selling 5,218 shares during the period. M&T Bank Corp’s holdings in Globus Medical were worth $355,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its position in shares of Globus Medical by 145.5% during 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 position in Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock valued at $37,000 after buying an additional 193 shares in the last quarter. Versant Capital Management Inc boosted its position in Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company’s stock valued at $40,000 after buying an additional 494 shares in the last quarter. First Horizon Advisors Inc. boosted its position in Globus Medical by 30.9% in the first quarter. First Horizon Advisors Inc. now owns 872 shares of the medical device company’s stock valued at $64,000 after buying an additional 206 shares in the last quarter. Finally, Huntington National Bank raised its stake in shares of Globus Medical by 47.8% in the fourth quarter. Huntington National Bank now owns 958 shares of the medical device company’s stock worth $79,000 after acquiring an additional 310 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GMED. Piper Sandler dropped their target price on shares of Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 9th. JMP Securities reissued a “market perform” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Truist Financial dropped their price target on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a research note on Monday, May 12th. Morgan Stanley dropped their price target on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Barclays reissued an “overweight” rating on shares of Globus Medical in a research note on Tuesday, June 10th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.09.

Globus Medical Trading Up 1.7%

Shares of GMED opened at $57.56 on Friday. The firm has a fifty day simple moving average of $58.73 and a 200 day simple moving average of $72.22. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of 42.96, a PEG ratio of 1.65 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The business had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same period in the prior year, the business posted $0.72 earnings per share. Globus Medical’s revenue was down 1.4% compared to the same quarter last year. As a group, research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its board has authorized a stock repurchase plan on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to buy up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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.