Foresight Group Ltd Liability Partnership Invests $12 Million in Globus Medical, Inc. $GMED

Key Points

• Foresight Group Ltd Liability Partnership has made a new investment of approximately $12 million in Globus Medical, Inc., acquiring 163,863 shares which represent 1.7% of its investment portfolio.
• Globus Medical reported a 12% year-on-year revenue increase and an earnings per share (EPS) of $0.86, surpassing analyst expectations.
• A stock buyback program was initiated by Globus Medical allowing for repurchase of up to $500 million worth of shares, indicating confidence in the company's valuation.

Foresight Group Ltd Liability Partnership purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 163,863 shares of the medical device company's stock, valued at approximately $11,995,000. Globus Medical accounts for about 1.7% of Foresight Group Ltd Liability Partnership's holdings, making the stock its 24th largest position. Foresight Group Ltd Liability Partnership owned about 0.12% of Globus Medical at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after purchasing an additional 240 shares during the period. Larson Financial Group LLC increased its holdings in Globus Medical by 1,007.7% during the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock valued at $32,000 after buying an additional 393 shares during the period. Parallel Advisors LLC increased its holdings in Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after buying an additional 193 shares during the period. Versant Capital Management Inc increased its holdings in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after acquiring an additional 494 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Globus Medical by 202.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock valued at $42,000 after acquiring an additional 383 shares during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

Globus Medical Stock Down 0.7%

Shares of GMED traded down $0.40 during trading hours on Tuesday, reaching $57.84. 276,574 shares of the company traded hands, compared to its average volume of 1,399,242. The business has a fifty day moving average price of $57.82 and a 200-day moving average price of $63.52. The stock has a market capitalization of $7.81 billion, a P/E ratio of 22.25, a P/E/G ratio of 1.61 and a beta of 1.16. 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 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. The firm had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical's revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. As a group, research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GMED has been the topic of a number of analyst reports. Wells Fargo & Company cut their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Canaccord Genuity Group cut their target price on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, July 22nd. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Globus Medical has a consensus rating of "Moderate Buy" and an average price target of $87.64.

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.