Geneva Capital Management LLC Has $134.22 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Key Points

• Geneva Capital Management LLC has increased its holdings in Globus Medical, Inc. by 1.0%, making it the 10th largest position in their investment portfolio.
• Globus Medical's share repurchase program authorizes the company to buy back $500 million in shares, aiming to enhance shareholder value by indicating that management believes the stock is undervalued.
• Globus Medical reported a net margin of 7.39% and a decrease in revenue of 1.4% year-over-year, with earnings per share falling short of analyst expectations in their most recent quarterly results.

Geneva Capital Management LLC raised its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,833,647 shares of the medical device company's stock after buying an additional 17,810 shares during the quarter. Globus Medical makes up approximately 2.5% of Geneva Capital Management LLC's holdings, making the stock its 10th largest holding. Geneva Capital Management LLC owned 1.33% of Globus Medical worth $134,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of GMED. Farther Finance Advisors LLC increased its position in Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after acquiring an additional 240 shares during the period. Larson Financial Group LLC raised its holdings in Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after buying an additional 393 shares during the period. Parallel Advisors LLC boosted its stake in Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the period. Versant Capital Management Inc raised 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. Finally, Whittier Trust Co. boosted its holdings in shares of Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after purchasing an additional 184 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Price Performance

NYSE:GMED traded down $0.87 during trading hours on Wednesday, hitting $52.77. The stock had a trading volume of 949,646 shares, compared to its average volume of 1,510,990. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $94.93. The firm has a market capitalization of $7.14 billion, a price-to-earnings ratio of 39.38, a P/E/G ratio of 1.57 and a beta of 1.20. The company has a 50 day simple moving average of $57.31 and a two-hundred day simple moving average of $69.20.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing the consensus estimate 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 earnings per share. The business's revenue for the quarter was down 1.4% on a year-over-year basis. Equities research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Truist Financial reduced their price target 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. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Canaccord Genuity Group dropped their target price on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Finally, Morgan Stanley dropped their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $90.09.

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.