Arizona State Retirement System Grows Stock Position in Globus Medical, Inc. (NYSE:GMED)

Arizona State Retirement System increased its holdings in shares of Globus Medical, Inc. (NYSE:GMEDGet Rating) by 1.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,363 shares of the medical device company’s stock after buying an additional 288 shares during the quarter. Arizona State Retirement System’s holdings in Globus Medical were worth $1,576,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Panagora Asset Management Inc. acquired a new stake in Globus Medical during the fourth quarter worth about $21,817,000. Invesco Ltd. increased its stake in Globus Medical by 22.2% during the fourth quarter. Invesco Ltd. now owns 1,514,624 shares of the medical device company’s stock worth $109,356,000 after acquiring an additional 275,596 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Globus Medical by 283.6% during the fourth quarter. Point72 Asset Management L.P. now owns 260,450 shares of the medical device company’s stock worth $18,804,000 after acquiring an additional 192,550 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in Globus Medical during the fourth quarter worth about $13,260,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Globus Medical during the fourth quarter worth about $12,918,000. 67.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on GMED shares. Wells Fargo & Company dropped their price target on Globus Medical from $80.00 to $70.00 in a research note on Wednesday, May 11th. Canaccord Genuity Group lowered their target price on Globus Medical from $80.00 to $75.00 in a research note on Wednesday, May 11th. Morgan Stanley lowered their target price on Globus Medical from $68.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday, July 15th. Piper Sandler lowered their target price on Globus Medical to $80.00 in a research note on Friday, June 3rd. Finally, Truist Financial lowered their target price on Globus Medical from $76.00 to $71.00 and set a “buy” rating for the company in a research note on Wednesday, July 20th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.85.

Globus Medical Stock Up 0.2 %

NYSE:GMED opened at $58.82 on Tuesday. The business’s 50 day moving average is $59.01 and its two-hundred day moving average is $65.69. Globus Medical, Inc. has a 52 week low of $52.60 and a 52 week high of $84.23. The company has a market cap of $5.98 billion, a PE ratio of 43.25, a P/E/G ratio of 2.80 and a beta of 1.13.

Globus Medical (NYSE:GMEDGet Rating) last released its earnings results on Tuesday, May 10th. The medical device company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.04). The firm had revenue of $230.55 million for the quarter, compared to the consensus estimate of $232.88 million. Globus Medical had a return on equity of 11.95% and a net margin of 14.77%. The company’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.49 EPS. As a group, sell-side analysts expect that Globus Medical, Inc. will post 2.1 EPS for the current fiscal year.

Globus Medical Company Profile

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Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.

Further Reading

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

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