Banque Pictet & Cie SA Cuts Stock Position in Globus Medical, Inc. (NYSE:GMED)

Banque Pictet & Cie SA cut its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 38.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 48,678 shares of the medical device company's stock after selling 30,275 shares during the quarter. Banque Pictet & Cie SA's holdings in Globus Medical were worth $3,563,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GMED. Norges Bank acquired a new position in shares of Globus Medical in the 4th quarter valued at approximately $117,102,000. RTW Investments LP bought a new stake in Globus Medical in the 4th quarter valued at approximately $80,394,000. Iron Triangle Partners LP bought a new stake in Globus Medical in the 4th quarter valued at approximately $69,808,000. Polar Capital Holdings Plc bought a new stake in shares of Globus Medical during the 4th quarter worth approximately $63,762,000. Finally, Driehaus Capital Management LLC bought a new stake in shares of Globus Medical during the 4th quarter worth approximately $45,138,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Shares of GMED traded down $0.51 during mid-day trading on Friday, reaching $57.29. 479,201 shares of the company were exchanged, compared to its average volume of 1,413,530. Globus Medical, Inc. has a 52 week low of $54.48 and a 52 week high of $94.93. The stock has a market capitalization of $7.76 billion, a PE ratio of 42.73, a PEG ratio of 1.67 and a beta of 1.19. The business has a 50 day simple moving average of $60.18 and a two-hundred day simple moving average of $73.13.

Globus Medical (NYSE:GMED - Get Free Report) last released 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). Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The business had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same period in the prior year, the business earned $0.72 EPS. The company's revenue for the quarter was down 1.4% on a year-over-year basis. On average, analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its board has authorized a share buyback 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 reacquire up to 6.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Piper Sandler dropped their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. 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 research report on Monday, May 12th. Finally, Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $94.00.

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.