Armistice Capital LLC Acquires New Shares in Globus Medical, Inc. $GMED

Key Points

• Armistice Capital LLC has acquired 172,823 shares of Globus Medical, Inc. valued at approximately $12.65 million, bringing its ownership to 0.13% of the company.
• Institutional investors hold a significant stake in Globus Medical, accounting for 95.16% of the company's stock.
• Globus Medical reported $0.86 EPS for the last quarter, exceeding analyst expectations, with revenues up 18.4% year-over-year to $745.34 million.

Armistice Capital LLC acquired a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 172,823 shares of the medical device company's stock, valued at approximately $12,651,000. Armistice Capital LLC owned 0.13% of Globus Medical at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GMED. Invesco Ltd. boosted its position in Globus Medical by 331.9% during the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock valued at $147,949,000 after purchasing an additional 1,553,154 shares during the period. RTW Investments LP acquired a new position in Globus Medical during the 4th quarter valued at approximately $80,394,000. Iron Triangle Partners LP acquired a new position in Globus Medical during the 4th quarter valued at approximately $69,808,000. Polar Capital Holdings Plc acquired a new position in Globus Medical during the 4th quarter valued at approximately $63,762,000. Finally, Nuveen LLC acquired a new position in Globus Medical during the 1st quarter valued at approximately $54,669,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $61.26 on Friday. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93. The stock has a market cap of $8.27 billion, a PE ratio of 23.56, a price-to-earnings-growth ratio of 1.71 and a beta of 1.20. The business's fifty day moving average is $57.65 and its 200-day moving average is $65.37.

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, topping analysts' consensus estimates of $0.76 by $0.10. The business had revenue of $745.34 million for the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company's quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 EPS. Equities research 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 authorized a share repurchase plan on Thursday, May 15th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wells Fargo & Company cut their target price on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Truist Financial cut their target price on Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Eight research 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 company presently has a consensus 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.

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