Artemis Investment Management LLP Purchases 203,706 Shares of Globus Medical, Inc. (NYSE:GMED)

Artemis Investment Management LLP grew its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 39.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 720,593 shares of the medical device company's stock after acquiring an additional 203,706 shares during the quarter. Artemis Investment Management LLP owned about 0.52% of Globus Medical worth $52,747,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. SBI Securities Co. Ltd. bought a new position in Globus Medical in the fourth quarter valued at about $27,000. Farther Finance Advisors LLC increased its position in shares of Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after purchasing an additional 240 shares during the last quarter. Parallel Advisors LLC lifted 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 during the period. Versant Capital Management Inc boosted its holdings in shares of Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after buying an additional 494 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock valued at $55,000 after buying an additional 132 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Down 0.5%

NYSE GMED traded down $0.28 during trading hours on Friday, reaching $58.54. The company's stock had a trading volume of 1,461,812 shares, compared to its average volume of 1,124,493. Globus Medical, Inc. has a 1 year low of $54.48 and a 1 year high of $94.93. The company has a market capitalization of $7.92 billion, a price-to-earnings ratio of 43.68, a PEG ratio of 1.69 and a beta of 1.20. The firm's 50-day moving average price is $62.82 and its 200-day moving average price is $74.80.

Globus Medical (NYSE:GMED - Get Free Report) last released its earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). The company had revenue of $598.12 million during the quarter, compared to analysts' expectations of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. Globus Medical's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm posted $0.72 EPS. Equities research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its Board of Directors has initiated a stock buyback 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 repurchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Truist Financial decreased their price target on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Piper Sandler lowered their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $94.00.

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.