We study the Ginzburg-Landau-Wilson M N-vector model with cubic-type anisotropy and obtain exact results in the large-N limit. We focus on the region of the parameter space in which cubic anisotropy favors, at low temperatures, long-range magnetic order of one of M N-component fields. This region is known to be, for sufficiently large MN, a runaway region of perturbative renormalization-group (RG) analysis, for the spatial dimensionality d less than four, what is usually interpreted to correspond to a fluctuation-induced first-order transition. The large-N analysis presented in this paper enables us to check the validity of this conjecture and to establish the structure of the phase diagram in any d and for all values of quartic couplings of the model. The most interesting outcome of this analysis is that, in a range of values of quartic couplings, the direct transition from paramagnetic to ferromagnetic phase splits into two consecutive phase transitions with a partially ordered phase occurring in the temperature range between these transitions. Discrete permutational symmetry of the M N-vector model (being restored in the paramagnetic phase) is spontaneously broken in the partially ordered phase; one of M N-vector fields becomes soft in this phase (as if there is a quadratic anisotropy, breaking permutational symmetry, present in the system). However, this partially ordered fluctuation induced phase has no long-range magnetic order.We find that such a phase is present in the phase diagram in any d if quartic couplings of the model are sufficiently strong. In the weak-coupling regime (which is usually believed to be tractable by RG analysis when d\ensuremath{\approxeq}4), we find (in agreement with RG) that, for 4\ensuremath{\ge}d\ensuremath{\ge}${d}_{c}$(M), the system exhibits a direct fluctuation-induced first-order transition and the partially ordered state is absent. However, for ${d}_{c}$(M)>d>2, the partially ordered state is universally present even in parts of the phase diagram having arbitrarily small quartic couplings. Possible situations occurring for finite N are discussed qualitatively. Systems favoring incommensurate modulated order on one of M equivalent pairs of wave vectors in q space can be modeled by M two-vector models. For these systems the partially ordered phase is a nematiclike orientationally ordered phase. We discuss the feasibility of observing such a phase in these systems.