Globus Medical, Inc. $GMED Shares Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its stake in Globus Medical by 10.7% during the first quarter, now owning 85,727 shares valued at approximately $6.3 million.
• Globus Medical reported an 18.4% year-over-year revenue increase, with $745.34 million in Q2 earnings and a net margin of 13.58%.
• The company's stock currently has a consensus rating of "Moderate Buy" with a price target set at $87.64 according to analysts.

Empowered Funds LLC boosted its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 10.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 85,727 shares of the medical device company's stock after acquiring an additional 8,295 shares during the quarter. Empowered Funds LLC owned about 0.06% of Globus Medical worth $6,275,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. increased its position in shares of Globus Medical by 13.1% during the fourth quarter. Ameriprise Financial Inc. now owns 141,849 shares of the medical device company's stock worth $11,732,000 after acquiring an additional 16,479 shares during the last quarter. Cetera Investment Advisers grew its holdings in Globus Medical by 13.9% during the 4th quarter. Cetera Investment Advisers now owns 8,263 shares of the medical device company's stock worth $683,000 after acquiring an additional 1,008 shares in the last quarter. Deutsche Bank AG increased its position in shares of Globus Medical by 3.1% in the 4th quarter. Deutsche Bank AG now owns 38,441 shares of the medical device company's stock worth $3,179,000 after purchasing an additional 1,157 shares during the last quarter. Ensign Peak Advisors Inc increased its position in shares of Globus Medical by 66.8% in the 4th quarter. Ensign Peak Advisors Inc now owns 60,647 shares of the medical device company's stock worth $5,016,000 after purchasing an additional 24,289 shares during the last quarter. Finally, Gotham Asset Management LLC acquired a new stake in shares of Globus Medical in the 4th quarter valued at about $2,826,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GMED has been the subject of several research analyst reports. Canaccord Genuity Group lowered their price objective on 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 reissued a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Morgan Stanley dropped their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Price Performance

Shares of Globus Medical stock traded down $0.89 during trading on Friday, hitting $58.73. The stock had a trading volume of 807,333 shares, compared to its average volume of 953,093. The business has a fifty day moving average of $57.78 and a two-hundred day moving average of $63.78. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The firm has a market cap of $7.93 billion, a P/E ratio of 22.59, a PEG ratio of 1.63 and a beta of 1.16.

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. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. During the same period in the previous year, the company earned $0.75 earnings per share. Globus Medical's revenue was up 18.4% compared to the same quarter last year. As a group, research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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.