Assenagon Asset Management S.A. Cuts Stake in Globus Medical, Inc. (NYSE:GMED)

Assenagon Asset Management S.A. reduced its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 53.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,247 shares of the medical device company's stock after selling 51,651 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Globus Medical were worth $3,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of Globus Medical by 20.3% in the 1st quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock worth $111,000 after purchasing an additional 256 shares in the last quarter. Farther Finance Advisors LLC lifted its position in 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 buying an additional 240 shares during the last quarter. UMB Bank n.a. boosted its stake in Globus Medical by 76.8% in the first quarter. UMB Bank n.a. now owns 969 shares of the medical device company's stock worth $71,000 after buying an additional 421 shares in the last quarter. Radnor Capital Management LLC grew its position in Globus Medical by 4.1% during the first quarter. Radnor Capital Management LLC now owns 30,261 shares of the medical device company's stock valued at $2,215,000 after acquiring an additional 1,200 shares during the last quarter. Finally, MRA Advisory Group purchased a new position in shares of Globus Medical during the first quarter worth approximately $396,000. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Down 1.2%

Shares of GMED traded down $0.73 during trading hours on Tuesday, reaching $58.13. 1,231,222 shares of the company traded hands, compared to its average volume of 1,118,683. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The company's fifty day moving average price is $65.13 and its two-hundred day moving average price is $76.11. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 1.71 and a beta of 1.20.

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

Globus Medical announced that its board has approved a stock repurchase program 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 shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Stifel Nicolaus raised their price objective on Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Piper Sandler decreased their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Wells Fargo & Company dropped their target price on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Globus Medical currently has an average rating of "Moderate Buy" and a consensus 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.