The Vanguard Group, Inc. has recently announced that it has increased stake in Globus Medical Inc. (NYSE:GMED) by 1.95%. After grabbing 7.23 million shares, the institutional investor is now in possession of 0.14 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 7.21% having worth around $421.61 million. Moreover, BlackRock Fund Advisors increased its share by 37048.0 to have a control over 6.72 million shares. And Kayne Anderson Rudnick Investment raised its holdings to 1.63 million shares by acquiring 6.19 million shares or 6.17% of the stake.
Globus Medical Inc. (GMED) concluded trading on 03/15/23 at a closing price of $52.51, with 1.84 million shares of worth about $96.48 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -15.77% during that period and on Wednesday the price saw a loss of about -0.32%. Currently the company’s common shares owned by public are about 99.96M shares, out of which, 76.58M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 10 times over the past 12 months. They bought 51,917 shares in 6 of the transactions. In 4 selling transactions, insiders dumped 70,667 shares.
iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Globus Medical Inc. iShares Core S&P Mid Cap ETF is currently holding 2.42 million shares of worth totaling $140.96 million. The company recently came buying 5472.0 shares which brought its stake up to 2.41% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 13106.0 shares, after which its hold over company’s outstanding shares expand to 2.36%, leaving 2.37 million shares with the mutual fund that have a worth of about $138.35 million. Vanguard Small Cap Index Fund, after buying 2.01 million shares, have now control over 2.00% of the stake in the company. It holds 10988.0 shares of worth $116.99 million.
Globus Medical Inc. (NYSE: GMED) started trading at $51.94, below -$0.74 from concluding price of the previous day. However, the stock later moved at a day high price of 60.08, or with a loss of -0.32%. Stock saw a price change of -7.26% in past 5 days and over the past one month there was a price change of -11.64%. Year-to-date (YTD), GMED shares are showing a performance of -29.30% which decreased to -18.51% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $52.08 but also hit the highest price of $81.78 during that period. The average intraday trading volume for Globus Medical Inc. shares is 1.27 million. The stock is currently trading -9.49% below its 20-day simple moving average (SMA20), while that difference is down -21.80% for SMA50 and it goes to -18.33% lower than SMA200.
The Vanguard Group, Inc. acquired 7.23 million shares of Globus Medical Inc. having value of about $421.61 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.14 million shares in the company valued at close to $7243071.87, or have control over 1.95% stake in the company. Holding of mutual funds in the company is about 32.33% while other institutional holders and individual stake holders have control over 45.58% and 16.58% of the stake respectively.
The stock has a current market capitalization of $5.31B and its 3Y-monthly beta is at 1.07. PE ratio of stock for trailing 12 months is 28.20, while it has posted earnings per share of $1.86 in the same period. Its PEG reads 2.39 and has Quick Ratio of 4.30 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for GMED, volatility over the week remained 3.50% while standing at 2.50% over the month.
Stock’s fiscal year EPS is expected to rise by 28.70% while it is estimated to increase by 11.26% in next year. EPS is likely to grow at an annualized rate of 11.80% for next 5-years, compared to annual growth of 8.90% made by the stock over the past 5-years.
Analysts at 16 brokerage firms have issued recommendations for the Globus Medical Inc. (GMED)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.80. Out of those 16 Wall Street analysts, 2 recommended a “Buy” rating, while 12 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BofA Securities on February 13, 2023 offering an Underperform rating for the stock and assigned a target price range of between $83 and $63 to it. Coverage by Wells Fargo stated Globus Medical Inc. (GMED) stock as an Equal weight in their note to investors on February 10, 2023, suggesting a price target of $67 for the stock. Stock get a Hold rating from Loop Capital on February 10, 2023.
