Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Class A Common Stock
Our Class A common stock trades on The New York Stock Exchange, under the symbol “GMED.” We had approximately 42 stockholders of record as of February 15, 2020. We believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our Class A common stock is held of record through brokerage firms in “street name.”
Recent Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
Purchases of Equity Securities by the Issuer
In 2020 we repurchased shares of our Class A common stock pursuant to a publicly announced share repurchase program authorized by the Board of Directors on March 11, 2020. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. As of December 31, 2020, we had repurchased 2.7 million shares at an average price of $38.91 per share for a total approximate cost of $104.7 million under this program. All of our share repurchases to date were made through a broker in the open market.
The following table contains information for shares repurchased during the 2020 fiscal year. None of the shares in this table were repurchased directly from any of our officers or directors.
( In thousands except for per share prices )
Period
Total number of shares purchased (a)
Average Price Paid per Share
Dollar amount of shares repurchased (b)
Approximate dollar value of shares that may yet be purchased under the plan
January 1 to January 31, 2020
-
$
-
$
-
$
200,000
February 1 to February 29, 2020
-
-
-
200,000
March 1 to March 31, 2020
1,920
38.49
73,902
126,098
April 1 to April 30, 2020
771
39.95
30,804
95,294
May 1 to May 31, 2020
-
-
-
95,294
June 1 to June 30, 2020
-
-
-
95,294
July 1 to July 31, 2020
-
-
-
95,294
August 1 to August 31, 2020
-
-
-
95,294
September 1 to September 30, 2020
-
-
-
95,294
October 1 to October 31, 2020
-
-
-
95,294
November 1 to November 30, 2020
-
-
-
95,294
December 1 to December 31, 2020
-
-
-
95,294
Total
2,691
$
38.91
$
104,706
(a) Share repurchases were made pursuant to a share repurchase program authorized by our Board of Directors on March 11, 2020. This program allows for the repurchase up to $200 million of the Company’s Class A common stock.
(b) Inclusive of an immaterial amount of commission fees.
Dividend Policy
We have never declared or paid any cash dividends on our capital stock. We currently intend to retain future earnings, if any, for development of our business and do not anticipate that we will declare or pay cash dividends on our capital stock in the foreseeable future.
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Comparative Stock Performance Graph
The following graph illustrates a comparison of the total cumulative stockholder return on our Class A common stock from December 31, 2015 through December 31, 2020 to two indices: the S&P 500 Index and the S&P 500 Health Care Equipment Index. The graph assumes an initial investment of $100 on December 31, 2015, in each of our Class A common stock, the stocks comprising the S&P 500 Index, and the stocks comprising the S&P 500 Health Care Equipment Index, including reinvestment of dividends, if any. Historical stockholder return is not necessarily indicative of the performance to be expected for any future periods.
The following graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing, except to the extent that we specifically incorporate it by reference into such filing.
December 31,
Company/Index
2015
2016
2017
2018
2019
2020
Globus Medical, Inc.
$100
$89
$148
$156
$212
$234
S&P 500 Index
$100
$112
$136
$130
$171
$203
S&P 500 Health Care Equipment
$100
$106
$139
$162
$210
$246
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