Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Increases Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 22.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,502 shares of the medical device company’s stock after purchasing an additional 1,904 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Globus Medical were worth $625,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Geneos Wealth Management Inc. purchased a new position in shares of Globus Medical in the 2nd quarter valued at approximately $27,000. Quarry LP bought a new position in Globus Medical in the first quarter worth $27,000. EMC Capital Management purchased a new position in Globus Medical during the first quarter valued at $28,000. Advisory Services Network LLC boosted its holdings in shares of Globus Medical by 109.6% during the 1st quarter. Advisory Services Network LLC now owns 503 shares of the medical device company’s stock valued at $28,000 after buying an additional 263 shares in the last quarter. Finally, Altshuler Shaham Ltd purchased a new stake in shares of Globus Medical in the 4th quarter worth about $28,000. 80.54% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Down 0.4 %

Shares of NYSE:GMED opened at $45.38 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.47 and a quick ratio of 2.36. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $80.04. The company has a market cap of $4.56 billion, a P/E ratio of 29.28, a PEG ratio of 1.73 and a beta of 1.10. The stock’s fifty day moving average price is $49.28 and its 200-day moving average price is $54.30.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 7th. The medical device company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.03. The business had revenue of $383.60 million for the quarter, compared to analysts’ expectations of $306.78 million. Globus Medical had a net margin of 12.88% and a return on equity of 9.79%. The business’s revenue for the quarter was up 51.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 EPS. Sell-side analysts expect that Globus Medical, Inc. will post 2.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

GMED has been the subject of a number of recent research reports. Stifel Nicolaus raised shares of Globus Medical from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research report on Monday, September 18th. Roth Mkm initiated coverage on Globus Medical in a research report on Friday, October 20th. They issued a “buy” rating and a $75.00 price target on the stock. TheStreet lowered Globus Medical from a “b-” rating to a “c+” rating in a research report on Thursday, August 31st. Truist Financial lowered their price objective on Globus Medical from $58.00 to $53.00 and set a “hold” rating for the company in a research note on Wednesday, November 8th. Finally, Barclays increased their target price on Globus Medical from $77.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $65.11.

Globus Medical Company Profile

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 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 pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.