Convergence Investment Partners LLC Acquires Shares of 25,132 Globus Medical, Inc. $GMED

Key Points

• Convergence Investment Partners opened a new position in Globus Medical, buying 25,132 shares worth about $2.17 million in the first quarter.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 95.16% of the stock. Several firms also recently increased their stakes in GMED.
• Globus Medical reported better-than-expected Q1 results, including EPS of $1.12 and revenue of $759.85 million, while analysts currently rate the stock Moderate Buy with an average price target of $103.75.

Convergence Investment Partners LLC bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 25,132 shares of the medical device company's stock, valued at approximately $2,165,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Annex Advisory Services LLC purchased a new stake in shares of Globus Medical during the 4th quarter valued at about $20,572,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Globus Medical by 71,618.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 716,469 shares of the medical device company's stock valued at $62,555,000 after purchasing an additional 715,470 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Globus Medical by 510.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 266,532 shares of the medical device company's stock valued at $23,271,000 after purchasing an additional 222,841 shares during the period. Lecap Asset Management Ltd. bought a new position in Globus Medical during the fourth quarter valued at approximately $1,203,000. Finally, Artemis Investment Management LLP boosted its holdings in Globus Medical by 43.7% in the fourth quarter. Artemis Investment Management LLP now owns 738,595 shares of the medical device company's stock worth $64,487,000 after purchasing an additional 224,587 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Globus Medical news, Director David D. Davidar sold 25,000 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $80.76, for a total value of $2,019,000.00. Following the sale, the director owned 510,175 shares in the company, valued at $41,201,733. The trade was a 4.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 18.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on GMED shares. Piper Sandler dropped their price target on Globus Medical from $115.00 to $100.00 and set an "overweight" rating on the stock in a research note on Monday, June 15th. Wells Fargo & Company lowered their target price on Globus Medical from $104.00 to $103.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. BMO Capital Markets began coverage on Globus Medical in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $94.00 target price on the stock. Truist Financial cut their price target on Globus Medical from $115.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Globus Medical in a research report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of "Moderate Buy" and an average price target of $103.75.

Globus Medical Price Performance

Globus Medical stock opened at $76.23 on Tuesday. The stock has a market cap of $10.35 billion, a P/E ratio of 17.73, a PEG ratio of 1.59 and a beta of 0.95. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $101.40. The firm's 50 day moving average price is $79.83 and its 200-day moving average price is $86.37.

Globus Medical (NYSE:GMED - Get Free Report) last released its earnings results on Thursday, May 7th. The medical device company reported $1.12 EPS for the quarter, topping the consensus estimate of $0.92 by $0.20. The firm had revenue of $759.85 million for the quarter, compared to the consensus estimate of $740.35 million. Globus Medical had a net margin of 18.92% and a return on equity of 13.46%. The company's quarterly revenue was up 27.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.68 earnings per share. Globus Medical has set its FY 2026 guidance at 4.700-4.800 EPS. As a group, equities analysts expect that Globus Medical, Inc. will post 4.74 EPS for the current year.

Globus Medical Profile

Globus Medical, Inc NYSE: GMED is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.

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