Two Sigma Investments LP Sells 114,659 Shares of Globus Medical, Inc. (NYSE:GMED)

Two Sigma Investments LP reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 79.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,486 shares of the medical device company's stock after selling 114,659 shares during the period. Two Sigma Investments LP's holdings in Globus Medical were worth $2,439,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in Globus Medical in the 4th quarter worth approximately $27,000. V Square Quantitative Management LLC boosted its holdings in shares of Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company's stock worth $48,000 after purchasing an additional 197 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock worth $55,000 after purchasing an additional 132 shares during the last quarter. Huntington National Bank grew its position in shares of Globus Medical by 47.8% in the fourth quarter. Huntington National Bank now owns 958 shares of the medical device company's stock valued at $79,000 after purchasing an additional 310 shares during the period. Finally, Investment Counsel Co. of Nevada acquired a new position in Globus Medical in the fourth quarter valued at $83,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on GMED. Piper Sandler dropped their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Truist Financial dropped their price objective on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Finally, Wells Fargo & Company lowered their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Five 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, Globus Medical currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.00.

Globus Medical Price Performance

Shares of NYSE GMED traded down $0.24 during trading hours on Monday, hitting $58.94. 1,126,510 shares of the company's stock were exchanged, compared to its average volume of 1,450,073. The company's 50-day moving average price is $67.79 and its 200-day moving average price is $77.98. Globus Medical, Inc. has a 1-year low of $54.48 and a 1-year high of $94.93. The stock has a market capitalization of $7.98 billion, a price-to-earnings ratio of 78.59, a PEG ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). The business had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm earned $0.72 EPS. On average, research analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

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.