Global Alpha Capital Management Ltd. Has $51.80 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Key Points

• Global Alpha Capital Management Ltd. reduced its stake in Globus Medical, Inc. by 13.6%, owning 707,691 shares valued at approximately $51.80 million as of the latest quarter.
• Globus Medical's shares have seen an increase of 8.8%, with a recent market capitalization of $7.97 billion and a P/E ratio of 22.63.
• The company reported a quarterly EPS of $0.86, surpassing analysts’ expectations, while quarterly revenue grew by 18.4% compared to last year.

Global Alpha Capital Management Ltd. decreased its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 13.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 707,691 shares of the medical device company's stock after selling 111,700 shares during the quarter. Globus Medical makes up 3.8% of Global Alpha Capital Management Ltd.'s portfolio, making the stock its 4th biggest holding. Global Alpha Capital Management Ltd. owned 0.51% of Globus Medical worth $51,803,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of GMED. Envestnet Asset Management Inc. raised its stake in Globus Medical by 49.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock valued at $30,258,000 after purchasing an additional 136,955 shares during the period. Illinois Municipal Retirement Fund bought a new stake in Globus Medical during the 1st quarter valued at approximately $587,000. New York State Teachers Retirement System raised its stake in Globus Medical by 1.2% during the 1st quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock valued at $6,452,000 after purchasing an additional 1,027 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Globus Medical during the 1st quarter valued at approximately $753,000. Finally, GAMMA Investing LLC raised its stake in Globus Medical by 20.3% during the 1st quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock valued at $111,000 after purchasing an additional 256 shares during the period. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Up 1.4%

GMED traded up $0.81 during trading hours on Monday, reaching $59.46. 1,908,676 shares of the company's stock traded hands, compared to its average volume of 1,631,139. The firm has a 50-day moving average price of $57.09 and a 200 day moving average price of $68.03. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93. The firm has a market capitalization of $8.05 billion, a PE ratio of 22.87, a PEG ratio of 1.70 and a beta of 1.20.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. The company had revenue of $745.34 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 EPS. Equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its Board of Directors has authorized a share 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 purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

GMED has been the topic of several recent analyst reports. Wells Fargo & Company decreased their target price on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research note on Friday. Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 22nd. BTIG Research restated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Piper Sandler cut their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, JMP Securities restated a "market perform" 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 issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical 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.