Globus Medical, Inc. $GMED Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 9.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,768 shares of the medical device company’s stock after selling 3,917 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Globus Medical were worth $2,765,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. American Century Companies Inc. lifted its position in shares of Globus Medical by 28.5% during the 1st quarter. American Century Companies Inc. now owns 133,408 shares of the medical device company’s stock valued at $9,765,000 after acquiring an additional 29,575 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. acquired a new stake in shares of Globus Medical during the 1st quarter valued at approximately $805,000. Leith Wheeler Investment Counsel Ltd. lifted its position in shares of Globus Medical by 1.3% during the 1st quarter. Leith Wheeler Investment Counsel Ltd. now owns 171,648 shares of the medical device company’s stock valued at $12,565,000 after acquiring an additional 2,178 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of Globus Medical by 202.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock valued at $42,000 after acquiring an additional 383 shares during the period. Finally, HighTower Advisors LLC lifted its position in shares of Globus Medical by 1.7% during the 1st quarter. HighTower Advisors LLC now owns 40,682 shares of the medical device company’s stock valued at $2,978,000 after acquiring an additional 680 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Performance

GMED stock opened at $60.7670 on Thursday. The stock has a market capitalization of $8.21 billion, a P/E ratio of 23.37, a PEG ratio of 1.71 and a beta of 1.20. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $94.93. The company has a 50 day moving average price of $57.22 and a two-hundred day moving average price of $66.84.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.10. The company had revenue of $745.34 million during the quarter, compared to analysts’ expectations of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.75 EPS. Research analysts forecast 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 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 reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on GMED shares. Barclays reissued an “overweight” rating on shares of Globus Medical in a research note on Tuesday, June 10th. BTIG Research reissued a “neutral” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Piper Sandler dropped their price objective 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. Finally, Canaccord Genuity Group dropped their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.64.

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.