Beck Bode LLC Invests $4.84 Million in Globus Medical, Inc. $GMED

Key Points

• Beck Bode LLC has made a new investment in Globus Medical, Inc. by acquiring 66,051 shares valued at approximately $4.84 million.
• Globus Medical reported an earnings per share (EPS) of $0.86 for the quarter, exceeding expectations, and generated $745.34 million in revenue, marking an 18.4% increase year-over-year.
• The company has initiated a $500 million stock buyback plan, indicating that the board believes its stock is currently undervalued.

Beck Bode LLC acquired a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 66,051 shares of the medical device company's stock, valued at approximately $4,835,000.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Globus Medical by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company's stock worth $798,545,000 after acquiring an additional 45,248 shares during the last quarter. Burgundy Asset Management Ltd. boosted its holdings in shares of Globus Medical by 7.0% during the 1st 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 last quarter. Invesco Ltd. lifted 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 valued at $147,949,000 after acquiring an additional 1,553,154 shares during the last quarter. Geneva Capital Management LLC lifted its holdings in shares of Globus Medical by 1.0% in the 1st quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company's stock valued at $134,223,000 after acquiring an additional 17,810 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Globus Medical by 2.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,148,379 shares of the medical device company's stock worth $84,062,000 after purchasing an additional 25,247 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Piper Sandler lowered their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Truist Financial decreased their target price on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a report on Monday, May 12th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Wells Fargo & Company reduced their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Price Performance

GMED stock traded down $1.08 during midday trading on Tuesday, reaching $60.19. 195,783 shares of the company's stock traded hands, compared to its average volume of 1,421,358. The business has a 50-day moving average price of $57.72 and a two-hundred day moving average price of $65.08. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The company has a market capitalization of $8.13 billion, a P/E ratio of 23.15, a PEG ratio of 1.71 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.10. The firm had revenue of $745.34 million for the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The firm's quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 earnings per share. As a group, research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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.