Mitsubishi UFJ Asset Management Co. Ltd. Purchases 355 Shares of Globus Medical, Inc. (NYSE:GMED)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Globus Medical, Inc. (NYSE:GMED) by 4.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,440 shares of the medical device company’s stock after acquiring an additional 355 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Globus Medical were worth $618,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its holdings in shares of Globus Medical by 527.9% in the 4th quarter. Russell Investments Group Ltd. now owns 32,645 shares of the medical device company’s stock worth $2,700,000 after buying an additional 27,446 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Globus Medical by 69.4% in the 4th quarter. Invesco Ltd. now owns 468,002 shares of the medical device company’s stock worth $38,708,000 after buying an additional 191,720 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in shares of Globus Medical by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 49,230 shares of the medical device company’s stock worth $4,072,000 after buying an additional 310 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Globus Medical by 38.5% in the 4th quarter. Sterling Capital Management LLC now owns 8,510 shares of the medical device company’s stock worth $704,000 after buying an additional 2,366 shares during the last quarter. Finally, Synovus Financial Corp boosted its holdings in shares of Globus Medical by 1.6% in the 4th quarter. Synovus Financial Corp now owns 14,544 shares of the medical device company’s stock worth $1,203,000 after buying an additional 233 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JMP Securities reissued a “market perform” rating on shares of Globus Medical in a report on Tuesday, May 27th. Barclays reissued an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. Wells Fargo & Company dropped their price objective on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Finally, Canaccord Genuity Group dropped their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.64.

Globus Medical Stock Up 1.7%

Shares of GMED opened at $62.91 on Thursday. The business’s 50-day moving average price is $57.20 and its 200-day moving average price is $67.95. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93. The stock has a market cap of $8.52 billion, a PE ratio of 24.20, a P/E/G ratio of 1.71 and a beta of 1.20.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%. The firm had revenue of $745.34 million for the quarter, compared to analysts’ expectations of $738.91 million. During the same period in the prior year, the business posted $0.75 earnings per share. The company’s revenue was up 18.4% on a year-over-year basis. Analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is 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.