Globus Medical, Inc. $GMED Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has reduced its holdings in Globus Medical, Inc. by 26.0%, owning 19,501 shares after selling 6,851 shares during the first quarter.
• The company reported a quarterly earnings per share of $0.86, beating analyst expectations of $0.76, with revenue up 18.4% year-over-year.
• Globus Medical has authorized a $500 million stock repurchase plan, indicating the board's belief that the shares are undervalued.

Hsbc Holdings PLC cut its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 26.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,501 shares of the medical device company's stock after selling 6,851 shares during the period. Hsbc Holdings PLC's holdings in Globus Medical were worth $1,421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in GMED. Farther Finance Advisors LLC boosted its stake 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 acquiring an additional 240 shares during the last quarter. Larson Financial Group LLC boosted its stake 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 acquiring an additional 393 shares during the last quarter. Parallel Advisors LLC boosted its stake 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 acquiring an additional 193 shares during the last quarter. Versant Capital Management Inc lifted its position in Globus Medical by 932.1% during 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, Whittier Trust Co. lifted its position in Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after buying an additional 184 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GMED. Wells Fargo & Company reduced their price objective on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Morgan Stanley reduced their price objective on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Truist Financial reduced their price objective on Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock 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 Saturday, August 9th. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Globus Medical presently has an average rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Stock Performance

Shares of NYSE GMED traded down $1.42 during trading on Tuesday, reaching $59.85. The stock had a trading volume of 330,371 shares, compared to its average volume of 1,422,051. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The business's 50-day moving average price is $57.72 and its 200-day moving average price is $65.08. The company has a market cap of $8.08 billion, a P/E ratio of 23.02, a PEG ratio of 1.71 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last issued 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. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The business had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. During the same period in the previous year, the firm posted $0.75 earnings per share. The company's revenue was up 18.4% on a year-over-year basis. Analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has approved a stock buyback program on Thursday, May 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors 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.