Invesco Ltd. Has $147.95 Million Holdings in Globus Medical, Inc. $GMED

Key Points

• Invesco Ltd. significantly increased its stake in Globus Medical, Inc. by 331.9%, owning approximately 2,021,156 shares valued at $147.9 million after acquiring 1.5 million additional shares in the first quarter.
• Several other institutional investors also boosted their stakes in Globus Medical, with increases ranging from 145.5% to 1,007.7%, contributing to a total institutional ownership of 95.16%.
• Globus Medical reported a quarterly earnings per share of $0.86, surpassing expectations and showing an 18.4% increase in revenue compared to the previous year, alongside a newly authorized $500 million stock buyback program.

Invesco Ltd. increased its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 331.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,021,156 shares of the medical device company's stock after acquiring an additional 1,553,154 shares during the quarter. Invesco Ltd. owned approximately 1.47% of Globus Medical worth $147,949,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of GMED. Farther Finance Advisors LLC boosted its holdings in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after purchasing an additional 240 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock valued at $32,000 after acquiring an additional 393 shares during the period. Parallel Advisors LLC raised its stake in shares of Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after acquiring an additional 193 shares during the period. Versant Capital Management Inc raised its stake in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after acquiring an additional 494 shares during the period. Finally, Whittier Trust Co. raised its stake in shares of Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after acquiring an additional 184 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GMED shares. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Truist Financial dropped their price target on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Piper Sandler dropped their price target 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. Finally, Canaccord Genuity Group reduced their price target on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 22nd. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Stock Down 0.2%

NYSE GMED traded down $0.14 on Monday, hitting $60.44. The stock had a trading volume of 657,138 shares, compared to its average volume of 1,454,112. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $94.93. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of 23.25, a P/E/G ratio of 1.69 and a beta of 1.20. The company's 50-day moving average is $57.22 and its two-hundred day moving average is $67.15.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.76 by $0.10. The firm had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. Globus Medical's quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 EPS. On average, sell-side analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical announced that its board has approved a stock repurchase plan on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors 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.