JPMorgan Chase & Co. Has $192.40 Million Stock Holdings in Globus Medical, Inc. $GMED

Key Points

• JPMorgan Chase & Co. has reduced its stake in Globus Medical by 6.3%, now owning approximately 1.91% of the company, worth about $192.4 million.
• The company reported a revenue increase of 18.4% year-over-year, with earnings per share of $0.86, surpassing analyst expectations.
• A stock buyback plan has been authorized for up to $500 million, indicating the board's confidence that the shares are undervalued.

JPMorgan Chase & Co. lowered its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 6.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,628,382 shares of the medical device company's stock after selling 175,948 shares during the quarter. JPMorgan Chase & Co. owned 1.91% of Globus Medical worth $192,398,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of GMED. RTW Investments LP bought a new position in Globus Medical during the fourth quarter valued at about $80,394,000. Iron Triangle Partners LP bought a new position in Globus Medical during the fourth quarter valued at about $69,808,000. Polar Capital Holdings Plc bought a new position in Globus Medical during the fourth quarter valued at about $63,762,000. Driehaus Capital Management LLC bought a new position in Globus Medical during the fourth quarter valued at about $45,138,000. Finally, Marshall Wace LLP boosted its position in shares of Globus Medical by 74.9% in the 4th quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company's stock valued at $93,981,000 after purchasing an additional 486,756 shares during the period. Institutional investors own 95.16% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GMED shares. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Wells Fargo & Company dropped their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Finally, JMP Securities reissued a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Globus Medical currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Trading Down 0.2%

Shares of GMED traded down $0.13 during trading hours on Monday, hitting $60.45. 428,501 shares of the stock traded hands, compared to its average volume of 1,452,682. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93. The business has a fifty day moving average of $57.22 and a 200-day moving average of $67.15. The firm has a market capitalization of $8.16 billion, a PE ratio of 23.28, a price-to-earnings-growth ratio of 1.69 and a beta of 1.20.

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 for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm posted $0.75 earnings per share. The company's quarterly revenue was up 18.4% on a year-over-year basis. As a group, equities research analysts expect 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 repurchase plan on Thursday, May 15th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

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.