Globus Medical, Inc. (NYSE:GMED) Shares Acquired by State of Michigan Retirement System

State of Michigan Retirement System increased its stake in Globus Medical, Inc. (NYSE:GMED) by 1.1% during the first quarter, HoldingsChannel.com reports. The fund owned 27,261 shares of the medical device company’s stock after buying an additional 300 shares during the period. State of Michigan Retirement System’s holdings in Globus Medical were worth $1,996,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC grew its holdings 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 worth $30,000 after acquiring an additional 240 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of 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 acquiring an additional 193 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company’s stock worth $40,000 after acquiring an additional 494 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Globus Medical by 30.9% in the 1st quarter. First Horizon Advisors Inc. now owns 872 shares of the medical device company’s stock worth $64,000 after acquiring an additional 206 shares during the last quarter. Finally, Huntington National Bank grew its holdings in shares of Globus Medical by 47.8% in the 4th 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. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GMED. Truist Financial decreased their target price on Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a report on Monday, May 12th. Wall Street Zen upgraded Globus Medical from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Piper Sandler lowered their price target on Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, May 9th. JMP Securities reiterated a “market perform” rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, BTIG Research reiterated a “neutral” rating on shares of Globus Medical in a report on Tuesday, May 27th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $94.00.

Globus Medical Price Performance

Shares of NYSE GMED opened at $57.09 on Monday. The business’s 50-day moving average price is $59.88 and its two-hundred day moving average price is $72.80. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93. The company has a market capitalization of $7.73 billion, a P/E ratio of 42.60, a price-to-earnings-growth ratio of 1.66 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its 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 net margin of 7.39% and a return on equity of 10.52%. The firm had revenue of $598.12 million during the quarter, compared to analysts’ expectations of $629.74 million. During the same quarter last year, the firm earned $0.72 EPS. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. On average, equities analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its Board of Directors has authorized a share repurchase 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 buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are 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.