Horizon Investment Services LLC purchased a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,335 shares of the medical device company's stock, valued at approximately $1,049,000.
Several other large investors have also bought and sold shares of GMED. Norges Bank bought a new position in Globus Medical during the fourth quarter valued at about $117,102,000. RTW Investments LP acquired a new position in shares of Globus Medical in the 4th quarter valued at $80,394,000. Iron Triangle Partners LP acquired a new position in shares of Globus Medical in the 4th quarter valued at $69,808,000. Polar Capital Holdings Plc acquired a new position in shares of Globus Medical in the 4th quarter valued at $63,762,000. Finally, Driehaus Capital Management LLC acquired a new position in shares of Globus Medical in the 4th quarter valued at $45,138,000. Institutional investors own 95.16% of the company's stock.
Globus Medical Trading Down 1.1%
Shares of GMED stock traded down $0.60 on Thursday, hitting $53.45. 366,629 shares of the stock were exchanged, compared to its average volume of 1,437,961. The firm has a market capitalization of $7.24 billion, a P/E ratio of 39.91, a price-to-earnings-growth ratio of 1.55 and a beta of 1.19. The business has a 50-day moving average of $58.42 and a 200 day moving average of $71.42. Globus Medical, Inc. has a fifty-two week low of $51.87 and a fifty-two week high of $94.93.
Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly 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 net margin of 7.39% and a return on equity of 10.52%. The company had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same period last year, the company posted $0.72 earnings per share. The business's revenue for the quarter was down 1.4% on a year-over-year basis. As a group, research analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.
Globus Medical announced that its board has initiated a stock repurchase plan on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to reacquire up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.
Analyst Upgrades and Downgrades
GMED has been the subject of a number of recent analyst reports. Morgan Stanley decreased their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Piper Sandler decreased 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. Canaccord Genuity Group decreased their price objective on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Monday. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $90.09.
Get Our Latest Report on GMED
Globus Medical Company Profile
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Free Report)
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.
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