Exchange Traded Concepts LLC Buys 9,357 Shares of Globus Medical, Inc. (NYSE:GMED)

Exchange Traded Concepts LLC boosted its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 5.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,782 shares of the medical device company's stock after purchasing an additional 9,357 shares during the period. Exchange Traded Concepts LLC owned 0.13% of Globus Medical worth $12,721,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Globus Medical in the fourth quarter valued at approximately $117,102,000. RTW Investments LP acquired a new position in shares of Globus Medical in the 4th quarter valued at $80,394,000. Iron Triangle Partners LP bought a new position in shares of Globus Medical in the 4th quarter worth $69,808,000. Polar Capital Holdings Plc acquired a new stake in shares of Globus Medical during the fourth quarter worth $63,762,000. Finally, Raymond James Financial Inc. bought a new stake in Globus Medical in the fourth quarter valued at about $58,405,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Performance

NYSE GMED traded down $0.75 during trading on Wednesday, hitting $57.40. The stock had a trading volume of 1,263,853 shares, compared to its average volume of 1,404,690. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The company's 50-day moving average price is $64.81 and its two-hundred day moving average price is $75.99. The company has a market capitalization of $7.77 billion, a PE ratio of 42.83, a P/E/G ratio of 1.71 and a beta of 1.20.

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

Globus Medical declared that its board has approved a share buyback program on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

GMED has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price target on shares of Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Truist Financial decreased their price objective 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. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $94.00.

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.