MetLife Investment Management LLC Raises Position in Globus Medical, Inc. (NYSE:GMED)

MetLife Investment Management LLC boosted its position in shares of Globus Medical, Inc. (NYSE:GMED) by 9.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,082 shares of the medical device company’s stock after buying an additional 5,708 shares during the period. MetLife Investment Management LLC’s holdings in Globus Medical were worth $5,300,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in shares of Globus Medical by 7.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 506,122 shares of the medical device company’s stock worth $41,862,000 after purchasing an additional 35,796 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Globus Medical by 24.6% during the fourth quarter. First Trust Advisors LP now owns 97,193 shares of the medical device company’s stock worth $8,039,000 after buying an additional 19,161 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Globus Medical in the fourth quarter valued at about $943,000. Marshall Wace LLP lifted its stake in shares of Globus Medical by 74.9% in the fourth quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company’s stock worth $93,981,000 after buying an additional 486,756 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in Globus Medical by 24.6% during the fourth quarter. NewEdge Advisors LLC now owns 5,909 shares of the medical device company’s stock worth $489,000 after acquiring an additional 1,166 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

GMED has been the subject of a number of recent research reports. Stifel Nicolaus increased their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday, February 21st. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Canaccord Genuity Group upped their target price on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Truist Financial reduced their price target on Globus Medical from $82.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Finally, Wells Fargo & Company dropped their price objective on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Price Performance

NYSE GMED opened at $71.89 on Thursday. The stock has a market capitalization of $9.89 billion, a P/E ratio of 95.85, a PEG ratio of 1.61 and a beta of 1.28. The firm’s 50-day moving average is $74.76 and its two-hundred day moving average is $79.98. Globus Medical, Inc. has a 12 month low of $49.33 and a 12 month high of $94.93.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. As a group, analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

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.