83,769 Shares in Globus Medical, Inc. $GMED Bought by Capital Impact Advisors LLC

Key Points

• Capital Impact Advisors LLC has acquired a new position in Globus Medical, buying 83,769 shares valued at approximately $6.13 million, making it the fund's 26th largest position.
• Several hedge funds have significantly increased their stakes in Globus Medical, with increases of over 1,000% reported by Larson Financial Group LLC, among others.
• Globus Medical reported a quarterly EPS of $0.86, exceeding estimates, and announced a $500 million share buyback plan, indicating confidence in its stock valuation.

Capital Impact Advisors LLC purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 83,769 shares of the medical device company's stock, valued at approximately $6,132,000. Globus Medical accounts for about 2.3% of Capital Impact Advisors LLC's holdings, making the stock its 26th largest position. Capital Impact Advisors LLC owned about 0.06% of Globus Medical at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its holdings in Globus Medical by 145.5% during 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 grew its holdings in Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after acquiring an additional 393 shares in the last quarter. Parallel Advisors LLC grew its holdings in Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after acquiring an additional 193 shares in the last quarter. Versant Capital Management Inc grew its holdings in Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after acquiring an additional 494 shares in the last quarter. Finally, Whittier Trust Co. grew its holdings in Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after acquiring an additional 184 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Morgan Stanley reduced their target price on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Wall Street Zen lowered shares of Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Finally, Canaccord Genuity Group dropped their price target on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $59.14 on Wednesday. The company has a market cap of $7.99 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 1.66 and a beta of 1.16. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93. The firm has a 50 day simple moving average of $57.82 and a 200 day simple moving average of $64.22.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.76 by $0.10. The business had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The firm's quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 EPS. On average, equities analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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

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