Globus Medical, Inc. $GMED Shares Bought by New York State Teachers Retirement System

New York State Teachers Retirement System boosted its holdings in Globus Medical, Inc. (NYSE:GMED) by 10.5% in the 4th quarter, HoldingsChannel reports. The fund owned 96,951 shares of the medical device company’s stock after acquiring an additional 9,236 shares during the quarter. New York State Teachers Retirement System’s holdings in Globus Medical were worth $8,465,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. William Blair Investment Management LLC raised its holdings in Globus Medical by 17.2% in the third quarter. William Blair Investment Management LLC now owns 2,819,165 shares of the medical device company’s stock valued at $161,454,000 after buying an additional 414,134 shares during the period. Sculptor Capital LP raised its stake in shares of Globus Medical by 31.9% during the second quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock valued at $162,936,000 after purchasing an additional 667,850 shares during the period. Alliancebernstein L.P. raised its stake in shares of Globus Medical by 1,303.9% during the third quarter. Alliancebernstein L.P. now owns 2,055,183 shares of the medical device company’s stock valued at $117,700,000 after purchasing an additional 1,908,795 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Globus Medical by 72.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,011,104 shares of the medical device company’s stock worth $115,166,000 after buying an additional 842,547 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in Globus Medical by 8.3% in the 3rd quarter. Marshall Wace LLP now owns 1,711,909 shares of the medical device company’s stock valued at $98,041,000 after buying an additional 131,433 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Price Performance

Globus Medical stock opened at $90.52 on Tuesday. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $101.40. The stock has a market capitalization of $12.24 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. The firm has a 50 day simple moving average of $90.09 and a 200-day simple moving average of $86.03.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, February 24th. The medical device company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.06 by $0.22. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The firm had revenue of $826.42 million for the quarter, compared to analysts’ expectations of $803.29 million. During the same quarter in the previous year, the company earned $0.84 earnings per share. The firm’s quarterly revenue was up 25.7% compared to the same quarter last year. On average, analysts forecast that Globus Medical, Inc. will post 4.46 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GMED has been the subject of a number of recent analyst reports. Barclays raised their price objective on Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Truist Financial set a $115.00 price objective on Globus Medical in a report on Wednesday, February 25th. Wells Fargo & Company upgraded Globus Medical to a “strong-buy” rating in a research note on Wednesday, March 18th. Citigroup reaffirmed a “market perform” rating on shares of Globus Medical in a research report on Thursday, January 8th. Finally, Needham & Company LLC upped their price objective on Globus Medical from $112.00 to $114.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average target price of $104.36.

Insider Activity at Globus Medical

In related news, EVP Kelly Huller sold 20,000 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 18.51% of the stock is owned by insiders.

Globus Medical Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.