Algert Global LLC Has $11.33 Million Position in Globus Medical, Inc. $GMED

Key Points

• Algert Global LLC reduced its stake in Globus Medical by 26.2%, selling 54,823 shares to own approximately 154,724 shares worth $11.33 million.
• A majority of institutional investors own 95.16% of Globus Medical's stock, indicating strong institutional interest.
• Globus Medical reported a quarterly earnings result of $0.86 per share, exceeding estimates, with an 18.4% increase in year-over-year revenue.

Algert Global LLC lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 26.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 154,724 shares of the medical device company's stock after selling 54,823 shares during the period. Algert Global LLC owned 0.11% of Globus Medical worth $11,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Berry Wealth Group LP grew its position in Globus Medical by 4.2% in the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock worth $260,000 after buying an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock valued at $479,000 after purchasing an additional 150 shares during the last quarter. HB Wealth Management LLC lifted its holdings in shares of Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock valued at $278,000 after purchasing an additional 170 shares during the last quarter. Whittier Trust Co. lifted its holdings in shares of Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after purchasing an additional 184 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings 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 valued at $37,000 after purchasing an additional 193 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Wells Fargo & Company reduced their target price on Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Truist Financial cut their price target on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a report on Monday, May 12th. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Canaccord Genuity Group cut their price target on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a report on Tuesday, July 22nd. Finally, Barclays restated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Globus Medical Stock Down 0.4%

Shares of NYSE:GMED traded down $0.2350 during trading on Thursday, reaching $60.4950. 606,292 shares of the company traded hands, compared to its average volume of 1,449,515. The firm has a fifty day simple moving average of $57.22 and a 200 day simple moving average of $66.84. The firm has a market cap of $8.17 billion, a P/E ratio of 23.27, a price-to-earnings-growth ratio of 1.71 and a beta of 1.20. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued 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. The company had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company's revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. As a group, research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its board has approved a share repurchase program on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

About Globus Medical

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.