Globus Medical, Inc. $GMED Shares Bought 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 increased 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 disclosure with the Securities and Exchange Commission. The fund owned 85,727 shares of the medical device company's stock after buying an additional 8,295 shares during the period. 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 have also recently added to or reduced their stakes in the business. Berry Wealth Group LP increased its stake in Globus Medical by 4.2% during the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock valued at $260,000 after purchasing an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after acquiring an additional 150 shares during the last quarter. HB Wealth Management LLC grew its position in shares of Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock worth $278,000 after acquiring an additional 170 shares during the last quarter. Whittier Trust Co. grew its position in shares of Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after acquiring an additional 184 shares during the last quarter. Finally, Parallel Advisors LLC grew 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 worth $37,000 after acquiring an additional 193 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

Globus Medical Trading Down 0.5%

GMED stock traded down $0.29 during trading on Tuesday, hitting $57.95. The company had a trading volume of 203,731 shares, compared to its average volume of 1,398,766. The firm has a market capitalization of $7.83 billion, a price-to-earnings ratio of 22.29, a P/E/G ratio of 1.61 and a beta of 1.16. The business has a 50 day moving average of $57.82 and a 200 day moving average of $63.52. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93.

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 for the quarter, beating 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 period in the prior year, the company earned $0.75 EPS. Globus Medical's revenue was up 18.4% on a year-over-year basis. As a group, equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on GMED. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Canaccord Genuity Group lowered their price target on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. Finally, Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $87.64.

Globus Medical 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.