Globus Medical, Inc. (NYSE:GMED) Shares Bought by Invesco Ltd.

Invesco Ltd. grew its position in Globus Medical, Inc. (NYSE:GMED) by 69.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 468,002 shares of the medical device company’s stock after purchasing an additional 191,720 shares during the period. Invesco Ltd. owned approximately 0.34% of Globus Medical worth $38,708,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of GMED. Polymer Capital Management US LLC acquired a new position in Globus Medical in the 4th quarter worth approximately $281,000. Russell Investments Group Ltd. increased its stake in shares of Globus Medical by 527.9% in the fourth quarter. Russell Investments Group Ltd. now owns 32,645 shares of the medical device company’s stock worth $2,700,000 after acquiring an additional 27,446 shares during the period. Old West Investment Management LLC increased its stake in shares of Globus Medical by 3.9% in the fourth quarter. Old West Investment Management LLC now owns 120,244 shares of the medical device company’s stock worth $9,945,000 after acquiring an additional 4,506 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Globus Medical by 3.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 276,411 shares of the medical device company’s stock worth $22,862,000 after purchasing an additional 8,479 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Globus Medical during the fourth quarter valued at $680,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Stock Down 1.7 %

Shares of NYSE GMED opened at $71.15 on Thursday. Globus Medical, Inc. has a 52-week low of $49.33 and a 52-week high of $94.93. The company’s 50-day simple moving average is $76.16 and its 200-day simple moving average is $79.97. The firm has a market cap of $9.79 billion, a price-to-earnings ratio of 94.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. The company had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. Equities research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Barclays upped their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Truist Financial cut their target price on shares of Globus Medical from $82.00 to $80.00 and set a “hold” rating for the company in a report on Friday, April 11th. Wells Fargo & Company lowered their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Finally, Canaccord Genuity Group lifted their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $96.91.

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.