Bayforest Capital Ltd Invests $370,000 in Globus Medical, Inc. $GMED

Key Points

• Bayforest Capital Ltd invested $370,000 in Globus Medical, Inc. by acquiring 5,059 shares during the first quarter.
• Globus Medical reported earnings of $0.86 per share, exceeding expectations, with revenue up 18.4% year-over-year at $745.34 million.
• The company announced a $500 million share buyback plan, indicating confidence in its stock value amid institutional investors owning 95.16% of the company's shares.

Bayforest Capital Ltd acquired a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,059 shares of the medical device company's stock, valued at approximately $370,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Globus Medical by 0.4% in the first quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company's stock valued at $798,545,000 after purchasing an additional 45,248 shares during the period. Burgundy Asset Management Ltd. lifted its stake in shares of Globus Medical by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 2,801,747 shares of the medical device company's stock valued at $205,088,000 after purchasing an additional 183,639 shares during the period. Sculptor Capital LP lifted its stake in shares of Globus Medical by 0.7% in the first quarter. Sculptor Capital LP now owns 2,092,838 shares of the medical device company's stock valued at $153,196,000 after purchasing an additional 15,000 shares during the period. Invesco Ltd. lifted its stake in shares of Globus Medical by 331.9% in the first 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. Finally, Geneva Capital Management LLC lifted its stake in shares of Globus Medical by 1.0% in the first quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company's stock valued at $134,223,000 after purchasing an additional 17,810 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Price Performance

NYSE:GMED opened at $58.45 on Thursday. The firm has a 50 day simple moving average of $57.77 and a 200-day simple moving average of $64.18. The firm has a market cap of $7.89 billion, a PE ratio of 22.48, a P/E/G ratio of 1.64 and a beta of 1.16. 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 posted its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. The business had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company's revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.75 earnings per share. As a group, sell-side analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has approved a share buyback plan on Thursday, May 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wall Street Zen cut shares of Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Canaccord Genuity Group reduced their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Wells Fargo & Company cut their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Morgan Stanley reduced their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical 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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