Strategic Global Advisors LLC Takes $1.65 Million Position in Globus Medical, Inc. (NYSE:GMED)

Strategic Global Advisors LLC bought a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 19,994 shares of the medical device company's stock, valued at approximately $1,654,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. American Century Companies Inc. boosted its position in Globus Medical by 255.9% during the fourth quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company's stock valued at $8,588,000 after buying an additional 74,659 shares during the period. bLong Financial LLC purchased a new stake in Globus Medical in the fourth quarter worth about $397,000. HB Wealth Management LLC purchased a new stake in Globus Medical in the fourth quarter worth about $301,000. Proficio Capital Partners LLC bought a new position in shares of Globus Medical during the fourth quarter valued at approximately $1,190,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Globus Medical by 77.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 95,898 shares of the medical device company's stock valued at $7,932,000 after acquiring an additional 41,875 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GMED has been the subject of several analyst reports. Stifel Nicolaus raised their price target on shares of Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Wells Fargo & Company reduced their price target on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Piper Sandler decreased their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. StockNews.com raised Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Globus Medical currently has an average rating of "Moderate Buy" and a consensus price target of $94.00.

Globus Medical Stock Down 3.8%

NYSE:GMED traded down $2.33 during mid-day trading on Wednesday, hitting $59.27. 2,261,946 shares of the company traded hands, compared to its average volume of 1,099,864. The stock's fifty day moving average price is $70.11 and its 200-day moving average price is $79.19. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of 79.02, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same period in the prior year, the firm posted $0.72 EPS. The business's revenue for the quarter was down 1.4% on a year-over-year basis. Equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its Board of Directors has approved a stock buyback plan on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

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.