Moran Wealth Management LLC Reduces Stake in Globus Medical, Inc. (NYSE:GMED)

Moran Wealth Management LLC lowered its position in Globus Medical, Inc. (NYSE:GMEDFree Report) by 10.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,207 shares of the medical device company’s stock after selling 1,421 shares during the period. Moran Wealth Management LLC’s holdings in Globus Medical were worth $894,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Globus Medical by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock valued at $898,548,000 after purchasing an additional 240,218 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Globus Medical by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock valued at $231,946,000 after purchasing an additional 199,556 shares during the period. Burgundy Asset Management Ltd. lifted its stake in shares of Globus Medical by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock valued at $216,544,000 after purchasing an additional 43,330 shares during the period. Geode Capital Management LLC lifted its stake in shares of Globus Medical by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock valued at $156,969,000 after purchasing an additional 12,151 shares during the period. Finally, Geneva Capital Management LLC lifted its stake in shares of Globus Medical by 13.6% in the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock valued at $150,188,000 after purchasing an additional 217,707 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Up 1.1%

Globus Medical stock opened at $58.82 on Friday. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of 43.89, a PEG ratio of 1.69 and a beta of 1.20. The company has a fifty day simple moving average of $62.82 and a 200-day simple moving average of $74.80.

Globus Medical (NYSE:GMEDGet Free Report) last released its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The business had revenue of $598.12 million for the quarter, compared to analysts’ expectations of $629.74 million. During the same period in the previous year, the company earned $0.72 EPS. Globus Medical’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, research 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 buyback 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 buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

GMED has been the subject of several analyst reports. BTIG Research reiterated a “neutral” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Wall Street Zen upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Barclays reissued an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. Truist Financial cut their price target on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a report on Monday, May 12th. Finally, Piper Sandler cut their price target on shares of Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

View Our Latest Analysis on GMED

About Globus Medical

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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