Bayforest Capital Ltd purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 5,059 shares of the medical device company's stock, valued at approximately $370,000.
Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. lifted its holdings in Globus Medical by 255.9% during the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company's stock worth $8,588,000 after buying an additional 74,659 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Globus Medical by 49.5% during the first quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock worth $30,258,000 after purchasing an additional 136,955 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in shares of Globus Medical during the first quarter worth about $587,000. New York State Teachers Retirement System increased its position in shares of Globus Medical by 1.2% during the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock worth $6,452,000 after purchasing an additional 1,027 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Globus Medical during the first quarter worth about $753,000. 95.16% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
GMED has been the topic of a number of research analyst reports. Barclays reiterated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Morgan Stanley reduced their price objective on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Canaccord Genuity Group reduced their price objective on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $90.09.
Check Out Our Latest Analysis on GMED
Globus Medical Trading Down 1.6%
Shares of GMED stock opened at $52.61 on Friday. The company has a market cap of $7.12 billion, a price-to-earnings ratio of 39.26, a price-to-earnings-growth ratio of 1.56 and a beta of 1.19. The stock has a 50 day simple moving average of $57.66 and a 200-day simple moving average of $70.10. Globus Medical, Inc. has a 12-month low of $51.87 and a 12-month high of $94.93.
Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The business's revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. On average, equities analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.
Globus Medical announced that its board has authorized a share repurchase program on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.
Globus Medical Profile
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Free Report)
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.
See Also
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