Sculptor Capital LP Has $153.20 Million Stock Position in Globus Medical, Inc. $GMED

Key Points

• Sculptor Capital LP increased its stake in Globus Medical by 0.7%, owning over 2 million shares, representing approximately 2.9% of its total holdings.
• Globus Medical has reported strong quarterly earnings with a net margin of 13.58% and a significant 18.4% year-over-year revenue growth, exceeding analyst expectations.
• The company has initiated a $500 million stock buyback plan, indicating management's belief that the stock is undervalued.

Sculptor Capital LP boosted its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,092,838 shares of the medical device company's stock after buying an additional 15,000 shares during the quarter. Globus Medical makes up approximately 2.9% of Sculptor Capital LP's portfolio, making the stock its 3rd largest holding. Sculptor Capital LP owned about 1.52% of Globus Medical worth $153,196,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its holdings in Globus Medical by 331.9% during the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock valued at $147,949,000 after purchasing an additional 1,553,154 shares during the last quarter. RTW Investments LP purchased a new stake in shares of Globus Medical in the fourth quarter worth about $80,394,000. Iron Triangle Partners LP purchased a new stake in shares of Globus Medical in the fourth quarter worth about $69,808,000. Polar Capital Holdings Plc purchased a new stake in Globus Medical in the fourth quarter valued at approximately $63,762,000. Finally, Nuveen LLC purchased a new stake in Globus Medical in the first quarter valued at approximately $54,669,000. Institutional investors own 95.16% of the company's stock.

Globus Medical Price Performance

Shares of NYSE:GMED traded down $1.10 during mid-day trading on Wednesday, reaching $58.80. 1,393,313 shares of the company traded hands, compared to its average volume of 1,425,378. The company's 50 day moving average price is $57.74 and its 200-day moving average price is $65.05. The firm has a market cap of $7.94 billion, a PE ratio of 22.62, a PEG ratio of 1.71 and a beta of 1.16. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced 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 the consensus estimate of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm's revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 EPS. On average, research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has authorized a stock buyback program on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Truist Financial cut their target price on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a report on Monday, May 12th. Morgan Stanley cut their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Wells Fargo & Company cut their price target on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average 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.