Motley Fool Asset Management LLC Sells 14,170 Shares of Globus Medical, Inc. (NYSE:GMED)

Key Points

• Motley Fool Asset Management LLC decreased its stake in Globus Medical by 8.3%, owning approximately 157,278 shares after selling 14,170 shares in the 1st quarter of 2023.
• Globus Medical reported earnings of $0.86 per share for the quarter, surpassing analyst expectations and showing an 18.4% increase in revenue compared to the same period last year.
• The company has authorized a $500 million stock buyback plan, indicating management's belief that the stock is undervalued, with plans to repurchase up to 6.3% of its shares.

Motley Fool Asset Management LLC cut its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 8.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 157,278 shares of the medical device company's stock after selling 14,170 shares during the quarter. Motley Fool Asset Management LLC owned about 0.11% of Globus Medical worth $11,513,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Berry Wealth Group LP increased its position in shares of 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 worth $260,000 after acquiring an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Globus Medical by 2.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after purchasing an additional 150 shares in the last quarter. HB Wealth Management LLC grew its stake in Globus Medical by 4.7% in the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock worth $278,000 after purchasing an additional 170 shares in the last quarter. Whittier Trust Co. grew its stake in Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after purchasing an additional 184 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Truist Financial decreased their target price on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research note on Monday, May 12th. Morgan Stanley dropped their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Stock Up 1.7%

Shares of Globus Medical stock traded up $1.04 on Wednesday, hitting $62.91. 1,574,050 shares of the company traded hands, compared to its average volume of 1,695,239. The company has a 50-day moving average price of $57.20 and a 200 day moving average price of $67.95. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The company has a market cap of $8.52 billion, a PE ratio of 24.20, a PEG ratio of 1.71 and a beta of 1.20.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. Globus Medical's revenue for the quarter was up 18.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 earnings per share. Equities research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its Board of Directors has approved a share buyback plan on Thursday, May 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

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.