Capital Impact Advisors LLC Acquires Shares of 83,769 Globus Medical, Inc. $GMED

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 acquired a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 83,769 shares of the medical device company's stock, valued at approximately $6,132,000. Globus Medical makes up approximately 2.3% of Capital Impact Advisors LLC's portfolio, making the stock its 26th biggest position. Capital Impact Advisors LLC owned 0.06% of Globus Medical as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its holdings in shares of Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after acquiring an additional 240 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of Globus Medical by 1,007.7% during the first 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 during the last quarter. Parallel Advisors LLC grew its stake in shares of Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after acquiring an additional 193 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Globus Medical by 932.1% during the first 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 during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Globus Medical by 202.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock worth $42,000 after acquiring an additional 383 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Performance

Shares of NYSE:GMED traded down $0.23 during midday trading on Monday, reaching $58.51. 445,838 shares of the company's stock traded hands, compared to its average volume of 1,400,774. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93. The company has a market cap of $7.90 billion, a P/E ratio of 22.53, a PEG ratio of 1.61 and a beta of 1.16. The company has a fifty day simple moving average of $57.78 and a two-hundred day simple moving average of $63.68.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. During the same quarter last year, the firm posted $0.75 EPS. The business's revenue was up 18.4% on a year-over-year basis. As a group, research analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on GMED. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday. Barclays reiterated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. 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. Finally, Wells Fargo & Company decreased their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $87.64.

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.