GAMMA Investing LLC Raises Position in Globus Medical, Inc. (NYSE:GMED)

GAMMA Investing LLC grew its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 8,709.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 110,825 shares of the medical device company's stock after purchasing an additional 109,567 shares during the period. GAMMA Investing LLC owned approximately 0.08% of Globus Medical worth $8,112,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new stake in Globus Medical during the 4th quarter valued at about $27,000. Versant Capital Management Inc grew its position in Globus Medical by 932.1% during the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after buying an additional 494 shares during the period. V Square Quantitative Management LLC grew its position in Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company's stock valued at $48,000 after buying an additional 197 shares during the period. First Horizon Advisors Inc. lifted its holdings in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock valued at $55,000 after purchasing an additional 132 shares in the last quarter. Finally, Huntington National Bank lifted its holdings in Globus Medical by 47.8% during the fourth quarter. Huntington National Bank now owns 958 shares of the medical device company's stock valued at $79,000 after purchasing an additional 310 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Stifel Nicolaus boosted 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. Wells Fargo & Company cut their price objective on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, BTIG Research restated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Stock Performance

GMED stock opened at $59.89 on Monday. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of 79.85, a PEG ratio of 1.61 and a beta of 1.20. The firm has a 50-day simple moving average of $66.41 and a two-hundred day simple moving average of $77.16. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same quarter in the previous year, the company posted $0.72 EPS. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, equities analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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

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.

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