Pinebridge Investments L.P. Raises Stock Position in Globus Medical, Inc. (NYSE:GMED)

Pinebridge Investments L.P. lifted its stake in Globus Medical, Inc. (NYSE:GMED) by 42.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,403 shares of the medical device company’s stock after purchasing an additional 9,695 shares during the period. Pinebridge Investments L.P.’s holdings in Globus Medical were worth $2,680,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Wilmington Savings Fund Society FSB boosted its position in Globus Medical by 11.3% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 14,470 shares of the medical device company’s stock valued at $1,035,000 after acquiring an additional 1,470 shares in the last quarter. Synovus Financial Corp boosted its position in shares of Globus Medical by 9.8% during the third quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock valued at $1,024,000 after purchasing an additional 1,281 shares in the last quarter. Franklin Resources Inc. purchased a new stake in Globus Medical in the third quarter worth $3,833,000. Lord Abbett & CO. LLC bought a new position in Globus Medical in the third quarter worth $37,948,000. Finally, GAMMA Investing LLC lifted its position in Globus Medical by 41.7% during the fourth quarter. GAMMA Investing LLC now owns 1,258 shares of the medical device company’s stock valued at $104,000 after buying an additional 370 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $72.86 on Friday. The business has a 50-day simple moving average of $74.30 and a two-hundred day simple moving average of $80.08. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of 97.15, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $646.19 million. As a group, research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

GMED has been the topic of a number of recent research reports. Truist Financial reduced their target price on shares of Globus Medical from $82.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Wells Fargo & Company lowered their target price 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. Canaccord Genuity Group upped their price target on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Stifel Nicolaus lifted their price objective on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $96.91.

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.