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

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

A number of other institutional investors have also added to or reduced their stakes in GMED. Berry Wealth Group LP lifted its stake in Globus Medical by 4.2% during the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock worth $260,000 after purchasing an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after purchasing an additional 150 shares during the last quarter. Whittier Trust Co. lifted its stake 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 purchasing an additional 184 shares during the last quarter. Parallel Advisors LLC lifted its stake in Globus Medical by 62.1% during 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. Finally, Envestnet Portfolio Solutions Inc. lifted its stake 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. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Down 6.0%

Shares of GMED traded down $3.39 during trading hours on Monday, reaching $52.95. 1,612,376 shares of the company traded hands, compared to its average volume of 1,166,354. The company's fifty day moving average price is $58.74 and its two-hundred day moving average price is $71.89. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of 39.62, a price-to-earnings-growth ratio of 1.64 and a beta of 1.19. Globus Medical, Inc. has a 12 month low of $52.39 and a 12 month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data 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 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 the consensus estimate of $629.74 million. During the same period in the previous year, the firm earned $0.72 EPS. The company's revenue was down 1.4% on a year-over-year basis. On average, analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its board has authorized a share repurchase 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 reacquire up to 6.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Piper Sandler reduced their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Finally, 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 note on Monday, May 12th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $91.09.

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.