Globus Medical, Inc. $GMED is Hawk Ridge Capital Management LP's Largest Position

Key Points

• Hawk Ridge Capital Management LP increased its holdings in Globus Medical, Inc. by 0.3% during the 1st quarter, accumulating a total of 1,680,075 shares, which constitutes 5.8% of its portfolio.
• The company's stock has a market cap of $7.94 billion, with a PE ratio of 22.62 and a price target consensus of $87.64 from analysts.
• Globus Medical reported a strong quarterly performance with an 18.4% year-over-year revenue increase and an earnings per share of $0.86, exceeding analysts' expectations.

Hawk Ridge Capital Management LP increased its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,680,075 shares of the medical device company's stock after purchasing an additional 4,564 shares during the period. Globus Medical makes up approximately 5.8% of Hawk Ridge Capital Management LP's portfolio, making the stock its biggest holding. Hawk Ridge Capital Management LP owned approximately 1.22% of Globus Medical worth $122,981,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC increased its position in shares of Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after purchasing an additional 240 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares during the last quarter. Parallel Advisors LLC increased its position in shares of 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 during the last quarter. Versant Capital Management Inc boosted its stake in Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after buying an additional 494 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in Globus Medical by 202.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company's stock valued at $42,000 after acquiring an additional 383 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GMED shares. Morgan Stanley reduced their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Wells Fargo & Company reduced their price target on shares of 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 reiterated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Finally, BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Trading Down 2.0%

Shares of NYSE:GMED traded down $1.23 during trading on Monday, reaching $59.37. 722,824 shares of the company traded hands, compared to its average volume of 1,418,144. The firm has a market capitalization of $8.02 billion, a price-to-earnings ratio of 22.83, a P/E/G ratio of 1.69 and a beta of 1.16. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93. The business's fifty day moving average is $57.83 and its 200-day moving average is $64.40.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. The firm had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The business's quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.75 earnings per share. On average, sell-side analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its Board of Directors has approved a share repurchase program on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership 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.