Cetera Investment Advisers Has $1.24 Million Position in Globus Medical, Inc. (NYSE:GMED)

Key Points

• Cetera Investment Advisers increased its stake in Globus Medical by 105.3%, now holding 16,963 shares valued at approximately $1.24 million after acquiring an additional 8,700 shares.
• Globus Medical reported a quarterly EPS of $0.86, exceeding the consensus estimate of $0.76 and showing an 18.4% increase in revenue compared to the same quarter last year.
• The company's board initiated a $500 million share repurchase program, which indicates management's belief that the stock may be undervalued.

Cetera Investment Advisers lifted its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 105.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,963 shares of the medical device company's stock after buying an additional 8,700 shares during the quarter. Cetera Investment Advisers' holdings in Globus Medical were worth $1,242,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Berry Wealth Group LP raised its holdings in Globus Medical by 4.2% during the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock worth $260,000 after buying an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after acquiring an additional 150 shares in the last quarter. Whittier Trust Co. raised its holdings in shares of Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after acquiring an additional 184 shares during the period. Parallel Advisors LLC raised its holdings in shares of Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after acquiring an additional 193 shares during the period. Finally, Capital Investment Counsel Inc lifted its position in Globus Medical by 0.9% in the 1st quarter. Capital Investment Counsel Inc now owns 22,490 shares of the medical device company's stock valued at $1,646,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on GMED. Wells Fargo & Company dropped their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Morgan Stanley dropped their target price 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. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Canaccord Genuity Group decreased their price target 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. Finally, Piper Sandler cut their price objective 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. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Price Performance

NYSE GMED traded up $1.04 on Wednesday, hitting $62.91. 1,574,050 shares of the stock were exchanged, compared to its average volume of 1,459,607. The business's fifty day moving average is $57.20 and its 200 day moving average is $67.95. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93. The company has a market capitalization of $8.52 billion, a PE ratio of 24.20, a P/E/G ratio of 1.65 and a beta of 1.20.

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, topping the consensus estimate of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The firm had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. During the same period in the prior year, the firm posted $0.75 earnings per share. The company's quarterly revenue was up 18.4% compared to the same quarter last year. Analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has approved a stock buyback plan 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 purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

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.