Foresight Group Ltd Liability Partnership Makes New $12 Million Investment 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 filing with the Securities and Exchange Commission (SEC). The firm purchased 163,863 shares of the medical device company's stock, valued at approximately $11,995,000. Globus Medical comprises approximately 1.7% of Foresight Group Ltd Liability Partnership's investment portfolio, making the stock its 24th largest holding. Foresight Group Ltd Liability Partnership owned 0.12% of Globus Medical as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Berry Wealth Group LP boosted its holdings in shares of 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 lifted its position in Globus Medical by 2.7% during the 4th 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 during the last quarter. HB Wealth Management LLC lifted its position in Globus Medical by 4.7% during the 1st quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock worth $278,000 after acquiring an additional 170 shares during the last quarter. Whittier Trust Co. boosted its holdings in Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after acquiring an additional 184 shares during the period. Finally, Parallel Advisors LLC grew its position in shares of Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after purchasing an additional 193 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GMED. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Morgan Stanley dropped their price target 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. Wells Fargo & Company cut their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Finally, Canaccord Genuity Group dropped their target price on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Trading Down 1.1%

Shares of GMED stock opened at $58.45 on Thursday. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The company has a market capitalization of $7.89 billion, a P/E ratio of 22.48, a P/E/G ratio of 1.64 and a beta of 1.16. The stock has a 50 day moving average of $57.77 and a two-hundred day moving average of $64.18.

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 business had revenue of $745.34 million during 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 was up 18.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 earnings per share. Sell-side analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has initiated a stock buyback program on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Globus Medical Company 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.

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