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Essex Investment Management Co. LLC Decreases Position in Globus Medical, Inc. (NYSE:GMED)

Globus Medical logo with Medical background

Key Points

  • Essex Investment Management Co. LLC has reduced its stake in Globus Medical, Inc. by 12.5%, now holding 55,977 shares, reflecting a recent shift in investment strategy.
  • Several institutional investors have increased their positions in Globus Medical, with Farther Finance Advisors LLC raising its holdings by 145.5% in the first quarter.
  • Globus Medical's stock has a current consensus rating of "Moderate Buy" with an average target price of $90.09, despite reporting a quarterly earnings miss compared to analyst estimates.
  • Interested in Globus Medical? Here are five stocks we like better.

Essex Investment Management Co. LLC lowered its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 12.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 55,977 shares of the medical device company's stock after selling 7,968 shares during the period. Essex Investment Management Co. LLC's holdings in Globus Medical were worth $4,098,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Globus Medical during the 4th quarter valued at about $117,102,000. RTW Investments LP bought a new position in shares of Globus Medical during the 4th quarter valued at about $80,394,000. Iron Triangle Partners LP bought a new position in shares of Globus Medical during the 4th quarter valued at about $69,808,000. Polar Capital Holdings Plc bought a new stake in Globus Medical in the fourth quarter worth about $63,762,000. Finally, Driehaus Capital Management LLC purchased a new position in shares of Globus Medical during the fourth quarter valued at approximately $45,138,000. Institutional investors own 95.16% of the company's stock.

Globus Medical Price Performance

NYSE GMED traded down $0.00 during midday trading on Friday, hitting $52.63. 1,148,120 shares of the company traded hands, compared to its average volume of 1,432,988. The company has a market cap of $7.12 billion, a PE ratio of 39.30, a price-to-earnings-growth ratio of 1.56 and a beta of 1.19. The company's 50-day simple moving average is $57.66 and its 200-day simple moving average is $70.10. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). The company had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The firm's revenue was down 1.4% compared to the same quarter last year. During the same period last year, the business posted $0.72 EPS. On average, research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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

Analyst Ratings Changes

Several brokerages have issued reports on GMED. Morgan Stanley dropped their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Piper Sandler dropped their target price on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Truist Financial dropped their target price on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Canaccord Genuity Group dropped their target price on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $90.09.

Read Our Latest Research Report on Globus Medical

Globus Medical Company Profile

(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

Institutional Ownership by Quarter for Globus Medical (NYSE:GMED)

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