Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Raises Position in Globus Medical, Inc. (NYSE:GMED)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 22.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,502 shares of the medical device company’s stock after buying an additional 1,904 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Globus Medical were worth $625,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Commerce Bank boosted its holdings in Globus Medical by 25.1% during the 1st quarter. Commerce Bank now owns 67,658 shares of the medical device company’s stock worth $3,832,000 after acquiring an additional 13,587 shares during the last quarter. Retirement Systems of Alabama grew its position in Globus Medical by 0.5% in the 2nd quarter. Retirement Systems of Alabama now owns 268,072 shares of the medical device company’s stock worth $15,961,000 after purchasing an additional 1,242 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Globus Medical by 919.9% in the 1st quarter. Los Angeles Capital Management LLC now owns 55,892 shares of the medical device company’s stock valued at $3,166,000 after buying an additional 50,412 shares during the last quarter. Canvas Wealth Advisors LLC lifted its position in shares of Globus Medical by 4.4% during the 2nd quarter. Canvas Wealth Advisors LLC now owns 12,497 shares of the medical device company’s stock worth $764,000 after buying an additional 530 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its stake in shares of Globus Medical by 3.4% in the 2nd quarter. New York State Teachers Retirement System now owns 56,452 shares of the medical device company’s stock worth $3,361,000 after buying an additional 1,860 shares during the last quarter. Institutional investors own 80.54% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $45.38 on Tuesday. The firm’s 50 day moving average is $49.28 and its 200 day moving average is $54.30. The stock has a market capitalization of $4.56 billion, a P/E ratio of 29.28, a PEG ratio of 1.73 and a beta of 1.10. Globus Medical, Inc. has a 12 month low of $43.38 and a 12 month high of $80.04. The company has a current ratio of 4.47, a quick ratio of 2.36 and a debt-to-equity ratio of 0.10.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on GMED. Truist Financial decreased their price target on Globus Medical from $58.00 to $53.00 and set a “hold” rating for the company in a research report on Wednesday, November 8th. Stifel Nicolaus upgraded Globus Medical from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research note on Monday, September 18th. Roth Mkm began coverage on shares of Globus Medical in a research report on Friday, October 20th. They set a “buy” rating and a $75.00 price target for the company. Barclays lifted their price objective on shares of Globus Medical from $77.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, October 12th. Finally, Wells Fargo & Company dropped their target price on shares of Globus Medical from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, September 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Globus Medical has an average rating of “Hold” and an average price target of $65.11.

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. 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.