Lord Abbett & CO. LLC Has $57.54 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Lord Abbett & CO. LLC grew its position in Globus Medical, Inc. (NYSE:GMED) by 31.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 695,676 shares of the medical device company’s stock after buying an additional 165,225 shares during the quarter. Lord Abbett & CO. LLC owned 0.51% of Globus Medical worth $57,539,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GMED. First Horizon Advisors Inc. raised its stake in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after acquiring an additional 132 shares in the last quarter. US Bancorp DE grew its holdings in shares of Globus Medical by 3.2% during the 4th quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock valued at $356,000 after purchasing an additional 135 shares during the last quarter. Berry Wealth Group LP increased its position in Globus Medical by 5.1% during the 4th quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company’s stock worth $282,000 after purchasing an additional 164 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Globus Medical by 5.3% in the 4th quarter. CIBC Asset Management Inc now owns 3,487 shares of the medical device company’s stock valued at $288,000 after purchasing an additional 175 shares during the last quarter. Finally, Mather Group LLC. boosted its position in Globus Medical by 16.3% in the fourth quarter. Mather Group LLC. now owns 1,356 shares of the medical device company’s stock valued at $112,000 after buying an additional 190 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GMED. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Wells Fargo & Company dropped their price objective on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Stifel Nicolaus boosted their target price on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Truist Financial decreased their price target on shares of Globus Medical from $82.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $72.86 on Friday. The stock’s 50-day moving average is $74.30 and its 200 day moving average is $80.02. Globus Medical, Inc. has a one year low of $49.33 and a one year high of $94.93. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of 97.15, a PEG ratio of 1.61 and a beta of 1.28.

Globus Medical (NYSE:GMED) last announced 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. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. On average, sell-side analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

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.