LPL Financial LLC Buys 7,674 Shares of Globus Medical, Inc. (NYSE:GMED)

Key Points

• LPL Financial LLC increased its stake in Globus Medical by 6.1%, acquiring an additional 7,674 shares in the first quarter, totaling a holding of 134,222 shares valued at approximately $9.83 million.
• Globus Medical reported earnings of $0.86 per share, surpassing the consensus estimate by $0.10, alongside a revenue of $745.34 million, a year-over-year increase of 18.4%.
• The company has initiated a share buyback program valued at $500 million, suggesting that its board believes the stock is undervalued.

LPL Financial LLC raised its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 6.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,222 shares of the medical device company's stock after purchasing an additional 7,674 shares during the quarter. LPL Financial LLC owned 0.10% of Globus Medical worth $9,825,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its holdings in Globus Medical by 145.5% during the 1st 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 lifted its holdings in Globus Medical by 1,007.7% during the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock valued at $32,000 after purchasing an additional 393 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after purchasing an additional 193 shares during the last quarter. Versant Capital Management Inc lifted its holdings 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 valued at $40,000 after purchasing an additional 494 shares during the last quarter. Finally, Whittier Trust Co. lifted its holdings in Globus Medical by 46.5% during the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after purchasing an additional 184 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GMED. Wells Fargo & Company decreased their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research report on Friday. Piper Sandler decreased their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Finally, Truist Financial decreased their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research report on Monday, May 12th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Price Performance

NYSE GMED traded up $0.81 on Monday, reaching $59.46. 1,908,676 shares of the company's stock traded hands, compared to its average volume of 1,452,316. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The stock has a 50-day simple moving average of $57.09 and a 200 day simple moving average of $68.03. The stock has a market cap of $8.05 billion, a PE ratio of 22.87, a P/E/G ratio of 1.70 and a beta of 1.20.

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

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