Globus Medical, Inc. $GMED Stock Holdings Decreased by Iron Triangle Partners LP

Key Points

• Iron Triangle Partners LP reduced its stake in Globus Medical by 48.9%, now holding approximately $31.57 million worth, making it the 6th largest position in their investment portfolio.
• Multiple institutional investors have significantly increased their holdings in Globus Medical, including Farther Finance Advisors LLC with a 145.5% increase and Larson Financial Group LLC with over 1,000% increase in the first quarter.
• Globus Medical has reported strong quarterly earnings with $0.86 earnings per share, exceeding analyst expectations and reflecting an 18.4% revenue growth year-over-year.

Iron Triangle Partners LP reduced its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 48.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 431,221 shares of the medical device company's stock after selling 412,792 shares during the period. Globus Medical accounts for approximately 5.0% of Iron Triangle Partners LP's portfolio, making the stock its 6th largest position. Iron Triangle Partners LP owned 0.31% of Globus Medical worth $31,565,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Globus Medical by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company's stock worth $798,545,000 after purchasing an additional 45,248 shares during the period. Burgundy Asset Management Ltd. raised its stake in Globus Medical by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 2,801,747 shares of the medical device company's stock worth $205,088,000 after buying an additional 183,639 shares in the last quarter. Invesco Ltd. raised its stake in Globus Medical by 331.9% in the first quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock worth $147,949,000 after buying an additional 1,553,154 shares in the last quarter. Geneva Capital Management LLC raised its stake in Globus Medical by 1.0% in the first quarter. Geneva Capital Management LLC now owns 1,833,647 shares of the medical device company's stock worth $134,223,000 after buying an additional 17,810 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Globus Medical by 2.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,148,379 shares of the medical device company's stock worth $84,062,000 after buying an additional 25,247 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Trading Down 1.9%

NYSE GMED traded down $1.12 on Wednesday, hitting $58.78. 317,081 shares of the company traded hands, compared to its average volume of 1,418,526. The company has a market capitalization of $7.94 billion, a price-to-earnings ratio of 22.62, a P/E/G ratio of 1.71 and a beta of 1.16. The business's 50 day moving average price is $57.74 and its 200-day moving average price is $65.05. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last released its earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.10. The company had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical's quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.75 earnings per share. As a group, sell-side analysts predict that Globus Medical, Inc. will post 3.44 earnings per share 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 buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

GMED has been the subject of a number of research reports. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Piper Sandler decreased their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Truist Financial reduced their price target 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. Wells Fargo & Company reduced their price target on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Finally, Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $87.64.

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.