Hsbc Holdings PLC Grows Stock Position in Globus Medical, Inc. (NYSE:GMED)

Hsbc Holdings PLC raised its holdings in Globus Medical, Inc. (NYSE:GMED) by 443.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 26,352 shares of the medical device company’s stock after acquiring an additional 21,503 shares during the quarter. Hsbc Holdings PLC’s holdings in Globus Medical were worth $2,184,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Globus Medical in the fourth quarter worth about $117,102,000. Raymond James Financial Inc. purchased a new position in shares of Globus Medical in the fourth quarter worth about $58,405,000. Lord Abbett & CO. LLC purchased a new position in shares of Globus Medical in the third quarter worth about $37,948,000. Marshall Wace LLP raised its stake in shares of Globus Medical by 74.9% in the fourth quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company’s stock worth $93,981,000 after purchasing an additional 486,756 shares during the last quarter. Finally, Kathmere Capital Management LLC acquired a new stake in Globus Medical during the fourth quarter worth about $23,091,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GMED has been the topic of several analyst reports. Barclays raised their target price on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Canaccord Genuity Group raised their target price on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, March 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Finally, Truist Financial dropped their target price on Globus Medical from $82.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $71.81 on Thursday. The business’s 50 day moving average price is $73.66 and its 200-day moving average price is $80.06. The firm has a market capitalization of $9.88 billion, a PE ratio of 95.75, a P/E/G ratio of 1.61 and a beta of 1.28. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. As a group, analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current 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.