The Manufacturers Life Insurance Company Grows Holdings in Globus Medical, Inc. (NYSE:GMED)

The Manufacturers Life Insurance Company boosted its position in Globus Medical, Inc. (NYSE:GMED) by 1.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,076,733 shares of the medical device company’s stock after buying an additional 10,989 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Globus Medical were worth $89,057,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in Globus Medical during the 4th quarter valued at $27,000. UMB Bank n.a. lifted its position in shares of Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after purchasing an additional 206 shares during the last quarter. V Square Quantitative Management LLC grew its stake in Globus Medical by 52.0% in the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after purchasing an additional 197 shares in the last quarter. First Horizon Advisors Inc. raised its stake in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after buying an additional 132 shares in the last quarter. Finally, Huntington National Bank lifted its holdings 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 buying an additional 310 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GMED shares. Barclays upped their price target on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Stifel Nicolaus raised their target price on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Truist Financial dropped their price target on Globus Medical from $82.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Performance

Shares of GMED opened at $72.34 on Wednesday. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The stock’s fifty day moving average is $73.83 and its 200-day moving average is $80.12. The firm has a market capitalization of $9.95 billion, a price-to-earnings ratio of 96.46, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. The firm had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. Analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

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.