Globus Medical, Inc. $GMED Holdings Lifted by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp dramatically increased its stake in Globus Medical, boosting holdings by 5,281.6% in the first quarter to 66,732 shares valued at about $5.75 million.
• Globus Medical reported better-than-expected quarterly results, with EPS of $1.12 versus the $0.92 estimate and revenue of $759.85 million, up 27% year over year.
• Despite solid results, analyst sentiment has turned more cautious, with several firms trimming price targets or downgrading ratings; the consensus remains a Moderate Buy with an average price target of $103.75.

Fifth Third Bancorp increased its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 5,281.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,732 shares of the medical device company's stock after acquiring an additional 65,492 shares during the period. Fifth Third Bancorp's holdings in Globus Medical were worth $5,750,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Summit Securities Group LLC bought a new stake in shares of Globus Medical in the 1st quarter worth approximately $48,000. Oregon Public Employees Retirement Fund boosted its holdings in Globus Medical by 2.7% during the first quarter. Oregon Public Employees Retirement Fund now owns 22,860 shares of the medical device company's stock worth $1,970,000 after buying an additional 600 shares in the last quarter. Burney Co. bought a new position in shares of Globus Medical in the first quarter valued at $1,064,000. Swedbank AB lifted its position in shares of Globus Medical by 6.0% during the 1st quarter. Swedbank AB now owns 562,403 shares of the medical device company's stock valued at $48,457,000 after acquiring an additional 32,000 shares during the last quarter. Finally, Praxis Investment Management Inc. lifted its position in shares of Globus Medical by 47.5% during the 1st quarter. Praxis Investment Management Inc. now owns 3,644 shares of the medical device company's stock valued at $314,000 after acquiring an additional 1,174 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Insider Transactions at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 25,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $80.76, for a total value of $2,019,000.00. Following the completion of the sale, the director owned 510,175 shares in the company, valued at $41,201,733. This represents a 4.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 18.38% of the stock is currently owned by insiders.

Globus Medical Stock Up 2.5%

GMED opened at $80.52 on Friday. The firm has a market capitalization of $10.93 billion, a P/E ratio of 18.73, a PEG ratio of 1.62 and a beta of 0.95. The stock has a fifty day moving average of $79.85 and a 200-day moving average of $86.54. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $101.40.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The medical device company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.20. The firm had revenue of $759.85 million during the quarter, compared to the consensus estimate of $740.35 million. Globus Medical had a return on equity of 13.46% and a net margin of 18.92%.The business's revenue for the quarter was up 27.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 EPS. Globus Medical has set its FY 2026 guidance at 4.700-4.800 EPS. On average, analysts expect that Globus Medical, Inc. will post 4.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GMED shares. Zacks Research lowered Globus Medical from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Piper Sandler decreased their price target on Globus Medical from $115.00 to $100.00 and set an "overweight" rating for the company in a research report on Monday, June 15th. Wall Street Zen cut Globus Medical from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 9th. Weiss Ratings restated a "hold (c+)" rating on shares of Globus Medical in a report on Monday. Finally, Truist Financial reduced their price objective on shares of Globus Medical from $115.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $103.75.

About Globus Medical

Globus Medical, Inc NYSE: GMED is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.

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