AlphaQuest LLC raised its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 739,600.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,397 shares of the medical device company's stock after acquiring an additional 7,396 shares during the period. AlphaQuest LLC's holdings in Globus Medical were worth $541,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in GMED. Compound Planning Inc. raised its holdings in shares of Globus Medical by 13.5% during the first quarter. Compound Planning Inc. now owns 5,813 shares of the medical device company's stock worth $426,000 after purchasing an additional 693 shares during the last quarter. Summit Financial LLC acquired a new stake in shares of Globus Medical in the first quarter valued at about $7,173,000. Price T Rowe Associates Inc. MD grew its position in shares of Globus Medical by 2.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,148,379 shares of the medical device company's stock valued at $84,062,000 after purchasing an additional 25,247 shares during the period. Martingale Asset Management L P acquired a new position in Globus Medical during the first quarter worth about $1,321,000. Finally, Candriam S.C.A. boosted its position in Globus Medical by 38.1% during the first quarter. Candriam S.C.A. now owns 149,055 shares of the medical device company's stock worth $10,911,000 after acquiring an additional 41,132 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.
Globus Medical Stock Performance
NYSE GMED traded down $0.35 during trading hours on Thursday, reaching $61.16. The company's stock had a trading volume of 759,848 shares, compared to its average volume of 1,431,767. The stock has a market cap of $8.26 billion, a PE ratio of 23.52, a PEG ratio of 1.72 and a beta of 1.20. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The company's 50-day moving average is $57.58 and its two-hundred day moving average is $65.66.
Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. The firm had revenue of $745.34 million for the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The firm's revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.75 EPS. Equities analysts expect 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 approved a share repurchase program on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
GMED has been the topic of a number of analyst reports. Canaccord Genuity Group reduced their target price on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, July 22nd. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Truist Financial lowered their price target 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. Morgan Stanley reduced their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Finally, Barclays reiterated an "overweight" rating on shares of Globus Medical in a research 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's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $87.64.
View Our Latest Analysis on Globus Medical
About Globus Medical
(
Free Report)
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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