Lord Abbett & CO. LLC Has $57.54 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Lord Abbett & CO. LLC raised its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 31.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 695,676 shares of the medical device company’s stock after purchasing an additional 165,225 shares during the period. Lord Abbett & CO. LLC’s holdings in Globus Medical were worth $57,539,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB raised its position in Globus Medical by 11.3% in 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 buying an additional 1,470 shares during the last quarter. Synovus Financial Corp boosted its holdings in Globus Medical by 9.8% during the third quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock worth $1,024,000 after purchasing an additional 1,281 shares during the last quarter. Franklin Resources Inc. bought a new stake in Globus Medical in the 3rd quarter worth about $3,833,000. GAMMA Investing LLC increased its stake in Globus Medical by 41.7% in the 4th 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 last quarter. Finally, Everence Capital Management Inc. bought a new position in shares of Globus Medical during the 4th quarter worth approximately $204,000. 95.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on GMED shares. Wells Fargo & Company reduced their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, March 21st. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Stifel Nicolaus raised their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, Canaccord Genuity Group boosted their target price on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Performance

NYSE:GMED opened at $72.86 on Friday. Globus Medical, Inc. has a 52-week low of $49.33 and a 52-week high of $94.93. The business’s fifty day moving average is $74.30 and its 200 day moving average is $80.02. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of 97.15, a PEG ratio of 1.61 and a beta of 1.28.

Globus Medical (NYSE:GMED) last announced 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. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. Equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

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. 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.