111 Capital Makes New Investment in Globus Medical, Inc. (NYSE:GMED)

111 Capital bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 8,019 shares of the medical device company's stock, valued at approximately $663,000.

Several other hedge funds have also modified their holdings of GMED. KBC Group NV lifted its holdings in shares of Globus Medical by 1.5% during the fourth quarter. KBC Group NV now owns 46,183 shares of the medical device company's stock valued at $3,820,000 after purchasing an additional 678 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Globus Medical by 1.5% during the fourth quarter. Pacer Advisors Inc. now owns 24,792 shares of the medical device company's stock valued at $2,051,000 after buying an additional 370 shares in the last quarter. Swedbank AB grew its holdings in shares of Globus Medical by 18.9% during the fourth quarter. Swedbank AB now owns 475,489 shares of the medical device company's stock valued at $39,328,000 after buying an additional 75,489 shares in the last quarter. Precision Wealth Strategies LLC purchased a new position in shares of Globus Medical during the fourth quarter valued at $479,000. Finally, Berry Wealth Group LP grew its holdings in shares of Globus Medical by 5.1% during the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company's stock valued at $282,000 after buying an additional 164 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GMED. Wells Fargo & Company lowered their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Stifel Nicolaus lifted their price target on Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a report on Friday, February 21st. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Five 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, Globus Medical presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Trading Down 0.4%

NYSE GMED traded down $0.24 on Monday, reaching $58.94. The stock had a trading volume of 1,126,510 shares, compared to its average volume of 1,113,864. The business has a 50 day moving average price of $67.49 and a 200 day moving average price of $77.82. Globus Medical, Inc. has a 1 year low of $54.48 and a 1 year high of $94.93. The company has a market capitalization of $7.98 billion, a price-to-earnings ratio of 78.59, a P/E/G ratio of 1.61 and a beta of 1.32.

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

Globus Medical announced that its Board of Directors has authorized a share repurchase program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Globus Medical 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.