Cambiar Investors LLC Has $2.41 Million Holdings in Globus Medical, Inc. $GMED

Key Points

• Cambiar Investors LLC reduced its stake in Globus Medical, Inc. by 16.5% during the first quarter, after selling 6,474 shares, resulting in holdings worth $2,405,000.
• Other institutional investors have also increased their positions in Globus Medical, with Vanguard Group raising its stake by 0.4% and Invesco Ltd. increasing by an impressive 331.9% in the same quarter.
• Analysts have varying ratings on Globus Medical, with an average rating of "Moderate Buy" and a price target of $87.64, following the company’s stronger-than-expected earnings report that exceeded consensus estimates.

Cambiar Investors LLC lessened its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 16.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,851 shares of the medical device company's stock after selling 6,474 shares during the period. Cambiar Investors LLC's holdings in Globus Medical were worth $2,405,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position 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 purchasing an additional 45,248 shares during the last quarter. Burgundy Asset Management Ltd. grew 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 acquiring an additional 43,330 shares during the period. Invesco Ltd. grew its holdings in Globus Medical by 331.9% during the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock worth $147,949,000 after acquiring an additional 1,553,154 shares during the period. Geneva Capital Management LLC grew its holdings in Globus Medical by 1.0% during the 1st quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company's stock worth $134,223,000 after acquiring an additional 17,810 shares during the period. Finally, The Manufacturers Life Insurance Company grew 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 buying an additional 10,989 shares during the period. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Down 0.4%

Shares of GMED stock traded down $0.2350 on Thursday, reaching $60.4950. The stock had a trading volume of 606,292 shares, compared to its average volume of 1,449,515. The firm's 50-day moving average is $57.22 and its two-hundred day moving average is $66.84. The firm has a market capitalization of $8.17 billion, a price-to-earnings ratio of 23.27, a P/E/G ratio of 1.71 and a beta of 1.20. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. The company 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%. Globus Medical's quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 EPS. On average, sell-side 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 buyback program on Thursday, May 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

GMED has been the subject of several research analyst reports. Barclays reissued an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Truist Financial reduced their target price on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research note on Monday, May 12th. Piper Sandler cut their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Finally, Canaccord Genuity Group cut their price target on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 22nd. Eight investment 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 company presently has an average rating of "Moderate Buy" and a consensus target price 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.