Bayforest Capital Ltd Takes Position 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 position 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. The firm acquired 5,059 shares of the medical device company's stock, valued at approximately $370,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. increased its holdings in shares of Globus Medical by 331.9% in the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock worth $147,949,000 after purchasing an additional 1,553,154 shares in the last quarter. RTW Investments LP purchased a new position in shares of Globus Medical in the fourth quarter valued at about $80,394,000. Polar Capital Holdings Plc purchased a new position in shares of Globus Medical in the fourth quarter valued at about $63,762,000. Nuveen LLC purchased a new position in shares of Globus Medical in the first quarter valued at about $54,669,000. Finally, Point72 Asset Management L.P. lifted its position in shares of Globus Medical by 306.5% in the fourth quarter. Point72 Asset Management L.P. now owns 591,747 shares of the medical device company's stock valued at $48,943,000 after acquiring an additional 446,166 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GMED. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday. Morgan Stanley decreased their price objective on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Trading Down 0.4%

Globus Medical stock traded down $0.22 during trading on Tuesday, hitting $58.02. The company had a trading volume of 242,187 shares, compared to its average volume of 1,399,024. The company's 50 day simple moving average is $57.82 and its 200-day simple moving average is $63.52. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 1.61 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 results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.76 by $0.10. The business had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company's quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 earnings per share. As a group, analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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.