Hussman Strategic Advisors Inc. Purchases Shares of 52,500 Globus Medical, Inc. (NYSE:GMED)

Hussman Strategic Advisors Inc. purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 52,500 shares of the medical device company's stock, valued at approximately $3,843,000. Globus Medical makes up 0.9% of Hussman Strategic Advisors Inc.'s investment portfolio, making the stock its 15th biggest holding.

A number of other hedge funds have also bought and sold shares of GMED. Proficio Capital Partners LLC acquired a new position in shares of Globus Medical in the 4th quarter valued at $1,190,000. HighTower Advisors LLC raised its position in Globus Medical by 2.4% during the fourth quarter. HighTower Advisors LLC now owns 40,002 shares of the medical device company's stock worth $3,309,000 after acquiring an additional 935 shares during the period. Commonwealth Equity Services LLC raised its position in Globus Medical by 11.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 7,787 shares of the medical device company's stock worth $644,000 after acquiring an additional 831 shares during the period. Envestnet Portfolio Solutions Inc. raised its position 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 acquiring an additional 200 shares during the period. Finally, Thrivent Financial for Lutherans raised its position in Globus Medical by 16.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 678,492 shares of the medical device company's stock worth $56,118,000 after acquiring an additional 95,435 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Morgan Stanley reduced their price objective on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday. Truist Financial reduced their target price on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $91.09.

Globus Medical Trading Down 0.6%

NYSE:GMED traded down $0.36 during mid-day trading on Friday, hitting $57.19. The stock had a trading volume of 53,316 shares, compared to its average volume of 1,407,859. Globus Medical, Inc. has a twelve month low of $54.48 and a twelve month high of $94.93. The stock has a 50-day simple moving average of $58.73 and a two-hundred day simple moving average of $72.22. The company has a market capitalization of $7.74 billion, a PE ratio of 42.69, a PEG ratio of 1.65 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $629.74 million. During the same quarter last year, the business posted $0.72 earnings per share. The business's revenue was down 1.4% on a year-over-year basis. Sell-side analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its board has initiated a share buyback program on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to buy up to 6.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Globus Medical Company 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.

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