Globus Medical, Inc. (NYSE:GMED) Shares Acquired by Assetmark Inc.

Key Points

• Assetmark Inc. increased its holdings in Globus Medical by 1,240.8%, acquiring an additional 11,105 shares during the first quarter, raising their total to 12,000 shares worth $878,000.
• Several institutional investors significantly boosted their positions in Globus Medical, with Farther Finance Advisors LLC increasing holdings by 145.5% and Larson Financial Group LLC by 1,007.7% during the same period.
• Analysts have set a consensus price target of $90.09 for Globus Medical, with five giving it a hold rating and nine assigned a buy rating, despite the company missing analyst earnings estimates in its latest results.

Assetmark Inc. grew its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 1,240.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,000 shares of the medical device company's stock after buying an additional 11,105 shares during the period. Assetmark Inc.'s holdings in Globus Medical were worth $878,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Burgundy Asset Management Ltd. lifted its holdings in Globus Medical by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock worth $216,544,000 after buying an additional 43,330 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Globus Medical by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company's stock worth $156,969,000 after buying an additional 12,151 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Globus Medical by 74.9% in the 4th quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company's stock valued at $93,981,000 after purchasing an additional 486,756 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Globus Medical by 1.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,076,733 shares of the medical device company's stock valued at $89,057,000 after purchasing an additional 10,989 shares during the last quarter. Finally, RTW Investments LP purchased a new stake in shares of Globus Medical in the 4th quarter valued at about $80,394,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Up 0.1%

Shares of GMED stock traded up $0.04 on Tuesday, reaching $53.67. 343,254 shares of the stock were exchanged, compared to its average volume of 1,426,214. The stock has a market cap of $7.27 billion, a P/E ratio of 40.06, a price-to-earnings-growth ratio of 1.54 and a beta of 1.20. The firm has a 50 day moving average of $57.43 and a two-hundred day moving average of $69.31. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93.

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

Globus Medical announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GMED shares. Canaccord Genuity Group dropped their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 22nd. Truist Financial dropped their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. Barclays reiterated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, Piper Sandler dropped their target price 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 research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $90.09.

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.