Globus Medical, Inc. (NYSE:GMED) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 3.2% in the first quarter, HoldingsChannel.com reports. The firm owned 52,072 shares of the medical device company’s stock after selling 1,712 shares during the period. Amalgamated Bank’s holdings in Globus Medical were worth $3,812,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in GMED. Proficio Capital Partners LLC acquired a new position in Globus Medical during the fourth quarter worth $1,190,000. US Bancorp DE lifted its stake in Globus Medical by 3.2% during the 4th quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock worth $356,000 after acquiring an additional 135 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Globus Medical during the 4th quarter valued at about $27,000. Victory Capital Management Inc. boosted its holdings in Globus Medical by 2.0% during the 4th quarter. Victory Capital Management Inc. now owns 384,182 shares of the medical device company’s stock valued at $31,776,000 after acquiring an additional 7,485 shares during the period. Finally, M&T Bank Corp grew its position in Globus Medical by 45.4% in the 4th quarter. M&T Bank Corp now owns 10,067 shares of the medical device company’s stock valued at $833,000 after acquiring an additional 3,141 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Wall Street Zen upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Piper Sandler reduced their price objective on Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 9th. Truist Financial decreased their target price on Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a report on Monday, May 12th. Finally, Barclays reaffirmed an “overweight” rating on shares of Globus Medical in a research report on Tuesday, June 10th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $94.00.

Globus Medical Stock Down 2.4%

Shares of GMED opened at $59.10 on Friday. The company has a market capitalization of $8.00 billion, a price-to-earnings ratio of 44.10, a price-to-earnings-growth ratio of 1.76 and a beta of 1.19. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93. The stock has a 50 day moving average price of $61.66 and a 200 day moving average price of $74.00.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The company had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. Globus Medical’s revenue 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 fiscal year.

Globus Medical announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

About Globus Medical

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.