XTX Topco Ltd Takes $1.27 Million Position in Globus Medical, Inc. (NYSE:GMED)

Key Points

• XTX Topco Ltd has acquired 17,355 shares of Globus Medical, Inc. for approximately $1.27 million in the first quarter, reflecting increased interest from institutional investors.
• Globus Medical's latest earnings report indicated missed consensus estimates, reporting $0.68 EPS, compared to the expected $0.74, and a revenue decline of 1.4% year-over-year.
• The company has authorized a $500 million share repurchase program, suggesting management believes the stock is undervalued.

XTX Topco Ltd acquired a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 17,355 shares of the medical device company's stock, valued at approximately $1,270,000.

Several other hedge funds have also recently bought and sold shares of GMED. Farther Finance Advisors LLC lifted its stake in Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares in the last quarter. Larson Financial Group LLC increased its position in Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares during the last quarter. Parallel Advisors LLC increased its position in Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the last quarter. Versant Capital Management Inc increased its position in Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares during the last quarter. Finally, Whittier Trust Co. increased its position in Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after purchasing an additional 184 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Up 1.9%

Shares of Globus Medical stock traded up $1.00 during trading on Monday, reaching $53.64. The stock had a trading volume of 999,389 shares, compared to its average volume of 1,636,626. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of 40.03, a P/E/G ratio of 1.54 and a beta of 1.20. The stock has a fifty day moving average price of $57.54 and a two-hundred day moving average price of $69.57. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The business's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 earnings per share. On average, equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has approved a stock repurchase plan on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GMED. Morgan Stanley dropped their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Barclays reissued an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Piper Sandler lowered their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Finally, JMP Securities reissued a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $90.09.

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.