Parsifal Capital Management LP Has $54.59 Million Holdings in Globus Medical, Inc. $GMED

Key Points

• Parsifal Capital Management LP reduced its position in Globus Medical, Inc. by 10.2%, selling 84,581 shares and now holds 745,822 shares, representing 4.7% of its investment portfolio.
• Globus Medical reported a quarterly earnings per share (EPS) of $0.86, surpassing analysts' expectation of $0.76, with a revenue growth of 18.4% year-over-year.
• The company's board approved a stock buyback program to repurchase up to $500 million in shares, indicating a belief that the stock is undervalued.

Parsifal Capital Management LP lowered its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 10.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 745,822 shares of the medical device company's stock after selling 84,581 shares during the quarter. Globus Medical makes up about 4.7% of Parsifal Capital Management LP's investment portfolio, making the stock its 7th largest position. Parsifal Capital Management LP owned approximately 0.54% of Globus Medical worth $54,594,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Petrus Trust Company LTA raised its position in shares of Globus Medical by 37.9% during the first quarter. Petrus Trust Company LTA now owns 13,170 shares of the medical device company's stock worth $964,000 after acquiring an additional 3,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Globus Medical by 38.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,649 shares of the medical device company's stock worth $2,228,000 after acquiring an additional 8,540 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Globus Medical by 33.0% during the first quarter. Integrated Wealth Concepts LLC now owns 4,375 shares of the medical device company's stock worth $320,000 after acquiring an additional 1,085 shares during the last quarter. Hawk Ridge Capital Management LP raised its position in shares of Globus Medical by 0.3% during the first quarter. Hawk Ridge Capital Management LP now owns 1,680,075 shares of the medical device company's stock worth $122,981,000 after acquiring an additional 4,564 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Globus Medical by 45.9% during the first quarter. AQR Capital Management LLC now owns 22,510 shares of the medical device company's stock worth $1,622,000 after acquiring an additional 7,086 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GMED. Canaccord Genuity Group dropped their target price on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. Wall Street Zen cut Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Morgan Stanley decreased their price objective on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Globus Medical Price Performance

Shares of Globus Medical stock traded down $0.41 during trading hours on Tuesday, hitting $59.14. The company's stock had a trading volume of 889,801 shares, compared to its average volume of 1,089,280. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The stock has a 50 day moving average of $57.82 and a 200 day moving average of $64.22. The company has a market capitalization of $7.99 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 1.66 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. During the same period in the prior year, the company earned $0.75 earnings per share. The company's revenue for the quarter was up 18.4% compared to the same quarter last year. Equities analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its board has initiated a stock buyback plan on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is 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.