American Century Companies Inc. Increases Holdings in Globus Medical, Inc. $GMED

Key Points

• American Century Companies Inc. increased its stake in Globus Medical, Inc. by 28.5%, owning approximately $9.76 million worth of shares after acquiring an additional 29,575 shares during the first quarter.
• Globus Medical's stock has a consensus rating of "Moderate Buy" with a price target of $87.64, according to analysts, with recent earnings exceeding expectations by reporting $0.86 EPS for the last quarter.
• The company initiated a $500 million share buyback plan, indicating management's belief that the stock may be undervalued.

American Century Companies Inc. raised its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 28.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 133,408 shares of the medical device company's stock after buying an additional 29,575 shares during the period. American Century Companies Inc. owned about 0.10% of Globus Medical worth $9,765,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in GMED. Farther Finance Advisors LLC increased its stake in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after purchasing an additional 240 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Globus Medical by 202.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock worth $42,000 after purchasing an additional 383 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on GMED shares. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Morgan Stanley reduced their price objective on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. 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 GMED stock opened at $61.88 on Wednesday. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93. The firm has a market capitalization of $8.36 billion, a PE ratio of 23.80, a PEG ratio of 1.71 and a beta of 1.20. The stock has a fifty day simple moving average of $57.43 and a two-hundred day simple moving average of $65.87.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping 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 business had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. During the same quarter in the prior year, the business posted $0.75 EPS. Globus Medical's revenue for the quarter was up 18.4% compared to the same quarter last year. On average, sell-side analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its Board of Directors has authorized a share buyback plan on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.

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