Deutsche Bank AG Increases Position in Globus Medical, Inc. $GMED

Deutsche Bank AG lifted its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 70.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 65,419 shares of the medical device company's stock after acquiring an additional 26,978 shares during the period. Deutsche Bank AG's holdings in Globus Medical were worth $4,789,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in GMED. Farther Finance Advisors LLC lifted its holdings in shares of Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares during the last quarter. Larson Financial Group LLC lifted its stake in Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares during the last quarter. Parallel Advisors LLC lifted its stake in Globus Medical by 62.1% in the first 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 last quarter. Versant Capital Management Inc lifted its stake in Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares during the last quarter. Finally, Whittier Trust Co. lifted its stake in Globus Medical by 46.5% in 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 last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Price Performance

GMED stock traded up $0.17 during trading on Thursday, reaching $60.90. The company had a trading volume of 300,592 shares, compared to its average volume of 1,447,531. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93. The business has a 50 day moving average of $57.22 and a 200 day moving average of $66.84. The company has a market cap of $8.23 billion, a P/E ratio of 23.42, a PEG ratio of 1.71 and a beta of 1.20.

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

Globus Medical announced that its Board of Directors has approved a stock buyback program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to repurchase 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 stock is undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on GMED. Morgan Stanley lowered 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. Wells Fargo & Company lowered their price target on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Finally, Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of "Moderate Buy" and an average target price of $87.64.

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.