Horizon Investment Services LLC Makes New $1.05 Million Investment in Globus Medical, Inc. (NYSE:GMED)

Horizon Investment Services LLC bought a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 14,335 shares of the medical device company's stock, valued at approximately $1,049,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Commonwealth Equity Services LLC raised its position in Globus Medical by 11.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,787 shares of the medical device company's stock worth $644,000 after buying an additional 831 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Globus Medical by 3.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 6,920 shares of the medical device company's stock worth $572,000 after purchasing an additional 200 shares during the last quarter. Xponance Inc. raised its holdings in shares of Globus Medical by 6.3% in the fourth quarter. Xponance Inc. now owns 12,892 shares of the medical device company's stock worth $1,066,000 after acquiring an additional 767 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Globus Medical by 217.8% during the fourth quarter. Teacher Retirement System of Texas now owns 57,472 shares of the medical device company's stock worth $4,754,000 after purchasing an additional 39,390 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Globus Medical by 0.9% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,118 shares of the medical device company's stock valued at $2,078,000 after buying an additional 215 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Performance

Shares of NYSE GMED traded up $1.07 during trading hours on Wednesday, hitting $54.08. The stock had a trading volume of 1,616,008 shares, compared to its average volume of 1,442,439. The firm's 50-day moving average price is $58.74 and its two-hundred day moving average price is $71.89. Globus Medical, Inc. has a 52 week low of $51.87 and a 52 week high of $94.93. The company has a market capitalization of $7.32 billion, a P/E ratio of 40.36, a P/E/G ratio of 1.51 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last announced 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 firm had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The business's revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.72 EPS. As a group, analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has approved a share buyback plan on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GMED shares. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Morgan Stanley reduced their target price on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a 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, Piper Sandler cut their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $90.09.

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.