Legacy Advisors LLC Acquires New Holdings in Globus Medical, Inc. (NYSE:GMED)

Legacy Advisors LLC acquired a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,628 shares of the medical device company's stock, valued at approximately $339,000.

Several other large investors also recently made changes to their positions in the business. Oppenheimer Asset Management Inc. increased its position in shares of Globus Medical by 8.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 26,097 shares of the medical device company's stock worth $1,910,000 after acquiring an additional 2,103 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Globus Medical by 12.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,770 shares of the medical device company's stock valued at $276,000 after purchasing an additional 428 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in Globus Medical during the 1st quarter valued at $249,000. TT International Asset Management LTD acquired a new stake in Globus Medical during the 1st quarter valued at $2,799,000. Finally, State of Alaska Department of Revenue grew its holdings in Globus Medical by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 13,320 shares of the medical device company's stock valued at $975,000 after purchasing an additional 350 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Piper Sandler lowered their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Truist Financial decreased their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $94.00.

Globus Medical Trading Down 0.5%

NYSE GMED traded down $0.28 during trading hours on Friday, reaching $58.54. The company's stock had a trading volume of 1,461,812 shares, compared to its average volume of 1,123,928. The business has a 50-day simple moving average of $62.82 and a 200 day simple moving average of $74.80. Globus Medical, Inc. has a 52 week low of $54.48 and a 52 week high of $94.93. The stock has a market cap of $7.92 billion, a PE ratio of 43.68, a PEG ratio of 1.71 and a beta of 1.20.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). The company had revenue of $598.12 million for 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 firm's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period last year, the company posted $0.72 earnings per share. As a group, equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

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