Assenagon Asset Management S.A. Cuts Stock Holdings in Globus Medical, Inc. $GMED

Key Points

• Assenagon Asset Management cut its stake in Globus Medical by 50.2% in Q1, selling 133,862 shares and ending with 132,670 shares valued at about $11.4 million.
• Globus Medical reported better-than-expected Q1 results, posting $1.12 EPS versus the $0.92 estimate and revenue of $759.85 million, with sales up 27% year over year.
• Analysts remain generally positive on GMED, with an average Moderate Buy rating and a consensus price target of $105, while the company recently traded at $86.05.

Assenagon Asset Management S.A. reduced its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 50.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 132,670 shares of the medical device company's stock after selling 133,862 shares during the period. Assenagon Asset Management S.A. owned about 0.10% of Globus Medical worth $11,431,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GMED. AQR Capital Management LLC boosted its holdings in Globus Medical by 45.9% in the first quarter. AQR Capital Management LLC now owns 22,510 shares of the medical device company's stock worth $1,622,000 after purchasing an additional 7,086 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in Globus Medical by 33.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,375 shares of the medical device company's stock worth $320,000 after purchasing an additional 1,085 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Globus Medical by 38.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,649 shares of the medical device company's stock valued at $2,228,000 after buying an additional 8,540 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Globus Medical by 237.3% during the 1st quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company's stock valued at $62,000 after buying an additional 598 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Globus Medical by 8.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,527 shares of the medical device company's stock valued at $25,439,000 after buying an additional 28,027 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Price Performance

Shares of GMED opened at $86.05 on Friday. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 20.01, a price-to-earnings-growth ratio of 1.78 and a beta of 0.95. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $101.40. The business's 50 day simple moving average is $83.58 and its 200-day simple moving average is $87.41.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, May 7th. The medical device company reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.20. The firm had revenue of $759.85 million during the quarter, compared to analysts' expectations of $740.35 million. Globus Medical had a return on equity of 13.46% and a net margin of 18.92%.The company's quarterly revenue was up 27.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 EPS. Globus Medical has set its FY 2026 guidance at 4.700-4.800 EPS. On average, sell-side analysts expect that Globus Medical, Inc. will post 4.74 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In related news, Director David D. Davidar sold 25,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $80.76, for a total value of $2,019,000.00. Following the completion of the transaction, the director owned 510,175 shares of the company's stock, valued at $41,201,733. The trade was a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 18.38% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on GMED shares. Royal Bank Of Canada increased their target price on Globus Medical from $115.00 to $120.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Zacks Research upgraded Globus Medical from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 3rd. Needham & Company LLC upped their price target on shares of Globus Medical from $114.00 to $117.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Piper Sandler lowered their price objective on shares of Globus Medical from $115.00 to $100.00 and set an "overweight" rating on the stock in a research note on Monday, June 15th. Finally, Wall Street Zen downgraded shares of Globus Medical from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $105.00.

Globus Medical Profile

Globus Medical, Inc NYSE: GMED is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.

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