New York State Common Retirement Fund Buys 74,051 Shares of Globus Medical, Inc. (NYSE:GMED)

New York State Common Retirement Fund boosted its stake in Globus Medical, Inc. (NYSE:GMED) by 94.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,388 shares of the medical device company’s stock after acquiring an additional 74,051 shares during the quarter. New York State Common Retirement Fund’s holdings in Globus Medical were worth $11,155,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Emerald Mutual Fund Advisers Trust bought a new stake in Globus Medical in the 1st quarter valued at $986,000. Xponance Inc. lifted its position in Globus Medical by 2.0% in the 1st quarter. Xponance Inc. now owns 13,151 shares of the medical device company’s stock valued at $963,000 after acquiring an additional 259 shares in the last quarter. State of Michigan Retirement System lifted its position in Globus Medical by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 27,261 shares of the medical device company’s stock valued at $1,996,000 after acquiring an additional 300 shares in the last quarter. Alps Advisors Inc. lifted its position in Globus Medical by 6.0% in the 1st quarter. Alps Advisors Inc. now owns 11,982 shares of the medical device company’s stock valued at $877,000 after acquiring an additional 678 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in Globus Medical by 49.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company’s stock valued at $30,258,000 after acquiring an additional 136,955 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Truist Financial cut their price objective on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a research report on Monday, May 12th. Piper Sandler cut their price objective on shares of Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. Morgan Stanley cut their price target on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday. BTIG Research reissued a “neutral” rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Wall Street Zen raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.09.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $56.35 on Friday. The company’s 50-day moving average price is $58.74 and its two-hundred day moving average price is $72.03. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93. The stock has a market capitalization of $7.63 billion, a PE ratio of 42.05, a price-to-earnings-growth ratio of 1.68 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.06). The firm had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 earnings per share. On average, analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has authorized a stock repurchase program on Thursday, May 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.