Globus Medical, Inc. $GMED Shares Purchased by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC increased its ownership of Globus Medical, Inc. by 340.4% in Q1, now holding 282,242 shares valued at approximately $20.66 million.
• Globus Medical reported earnings of $0.86 per share for the last quarter, exceeding analysts' estimates of $0.76, with revenue reaching $745.34 million.
• The company announced a $500 million share repurchase program, indicative of management's belief that the stock is currently undervalued.

MetLife Investment Management LLC lifted its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 340.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 282,242 shares of the medical device company's stock after purchasing an additional 218,160 shares during the period. MetLife Investment Management LLC owned about 0.21% of Globus Medical worth $20,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its holdings in Globus Medical by 145.5% in 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 in the last quarter. Larson Financial Group LLC increased its holdings in Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after acquiring an additional 393 shares in the last quarter. Parallel Advisors LLC increased its holdings in Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after acquiring an additional 193 shares in the last quarter. Versant Capital Management Inc increased its holdings in Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after acquiring an additional 494 shares in the last quarter. Finally, Whittier Trust Co. increased its holdings in Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after acquiring an additional 184 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Up 3.4%

Globus Medical stock opened at $62.5440 on Monday. 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 $8.45 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 1.74 and a beta of 1.20. The company has a fifty day simple moving average of $57.30 and a 200-day simple moving average of $66.08.

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

Globus Medical declared that its Board of Directors has approved a share repurchase program on Thursday, May 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages recently commented on GMED. Morgan Stanley cut their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Piper Sandler cut their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Canaccord Genuity Group cut their price target on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 22nd. Finally, Truist Financial dropped their target price on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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