NFJ Investment Group LLC Trims Stock Position in Globus Medical, Inc. $GMED

Key Points

• NFJ Investment Group LLC has reduced its stake in Globus Medical, Inc. by 12.0%, now holding 157,855 shares valued at approximately $11.6 million, while institutional ownership in the company stands at 95.16%.
• Globus Medical recently reported earnings of $0.86 per share for the second quarter, exceeding estimates of $0.76, with a revenue of $745.34 million, indicating an 18.4% year-over-year growth.
• The company has authorized a share buyback plan of up to $500 million, signaling management's belief in the undervaluation of its shares, as the stock currently holds a consensus rating of "Moderate Buy" with a price target of $87.64.

NFJ Investment Group LLC cut its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 12.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 157,855 shares of the medical device company's stock after selling 21,465 shares during the period. NFJ Investment Group LLC owned approximately 0.11% of Globus Medical worth $11,555,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Farther Finance Advisors LLC increased its position in shares of Globus Medical by 145.5% during the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after acquiring an additional 240 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Globus Medical by 1,007.7% during the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock valued at $32,000 after acquiring an additional 393 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after acquiring an additional 193 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Globus Medical by 932.1% during the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after acquiring an additional 494 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Globus Medical by 202.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock valued at $42,000 after acquiring an additional 383 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Up 0.4%

Globus Medical stock traded up $0.26 during trading on Friday, reaching $60.55. The stock had a trading volume of 1,028,767 shares, compared to its average volume of 1,148,580. 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 price of $57.83 and a 200 day moving average price of $64.40. The stock has a market cap of $8.18 billion, a PE ratio of 23.29, a P/E/G ratio of 1.69 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly 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. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company had revenue of $745.34 million during the quarter, compared to the consensus estimate of $738.91 million. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The firm's quarterly revenue was up 18.4% on a year-over-year basis. On average, equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Morgan Stanley dropped their price objective 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. Canaccord Genuity Group dropped their price objective 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. JMP Securities restated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Wells Fargo & Company dropped their price objective on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Finally, Truist Financial dropped their price objective 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 investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Globus Medical presently has an average rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Company Profile

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.