IFP Advisors Inc Has $955,000 Position in Globus Medical, Inc. (NYSE:GMED)

IFP Advisors Inc boosted its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 3,125.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,999 shares of the medical device company's stock after purchasing an additional 12,596 shares during the quarter. IFP Advisors Inc's holdings in Globus Medical were worth $955,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Impact Partnership Wealth LLC bought a new position in Globus Medical during the first quarter worth $272,000. Hussman Strategic Advisors Inc. bought a new stake in shares of Globus Medical in the first quarter valued at about $3,843,000. Forum Financial Management LP bought a new stake in shares of Globus Medical in the first quarter valued at about $254,000. Verdence Capital Advisors LLC boosted its position in shares of Globus Medical by 23.0% in the first quarter. Verdence Capital Advisors LLC now owns 5,547 shares of the medical device company's stock valued at $406,000 after acquiring an additional 1,036 shares during the period. Finally, Segall Bryant & Hamill LLC boosted its position in shares of Globus Medical by 9.1% in the first quarter. Segall Bryant & Hamill LLC now owns 438,514 shares of the medical device company's stock valued at $32,099,000 after acquiring an additional 36,656 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Trading Up 2.2%

NYSE GMED traded up $1.16 during trading on Friday, hitting $54.45. 1,399,239 shares of the company's stock were exchanged, compared to its average volume of 1,640,347. The company has a market cap of $7.37 billion, a PE ratio of 40.63, a P/E/G ratio of 1.59 and a beta of 1.19. Globus Medical, Inc. has a fifty-two week low of $51.87 and a fifty-two week high of $94.93. The stock's 50 day moving average price is $58.19 and its two-hundred day moving average price is $70.91.

Globus Medical (NYSE:GMED - Get Free Report) last issued its earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). The business had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The firm's revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 EPS. Analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its Board of Directors has approved a stock buyback program 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 shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Truist Financial reduced their target price on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Barclays reissued an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Morgan Stanley reduced their target price on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $90.09.

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.