Globus Medical, Inc. $GMED Stock Position Decreased by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC significantly reduced its holdings in Globus Medical, selling 211,692 shares and leaving it with only 6,970 shares, which were valued at approximately $510,000.
• Invesco Ltd. increased its position in Globus Medical by 331.9%, now owning over 2 million shares valued at around $147.9 million, highlighting active interest from institutional investors.
• Analysts have mixed projections, with recent target price adjustments placing Globus Medical's average target around $87.64, and an average rating of "Moderate Buy" based on eight "Buy" and five "Hold" ratings.

Magnetar Financial LLC trimmed its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 96.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,970 shares of the medical device company's stock after selling 211,692 shares during the quarter. Magnetar Financial LLC's holdings in Globus Medical were worth $510,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in GMED. Berry Wealth Group LP raised its holdings in shares of Globus Medical by 4.2% in the 1st 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 in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings 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 buying an additional 150 shares in the last quarter. HB Wealth Management LLC boosted its holdings in Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock worth $278,000 after buying an additional 170 shares in the last quarter. Whittier Trust Co. boosted 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 worth $42,000 after buying an additional 184 shares in the last quarter. Finally, Parallel Advisors LLC boosted 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 worth $37,000 after buying an additional 193 shares in the last quarter. Institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

GMED has been the subject of a number of research reports. Barclays restated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Piper Sandler decreased their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Wall Street Zen lowered Globus Medical from a "buy" rating to a "hold" rating in a research report on Friday. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Trading Up 0.4%

NYSE GMED traded up $0.26 during trading on Friday, reaching $60.55. 1,028,767 shares of the company's stock were exchanged, compared to its average volume of 1,280,388. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The firm has a market capitalization of $8.18 billion, a PE ratio of 23.29, a P/E/G ratio of 1.69 and a beta of 1.16. The company's fifty day simple moving average is $57.83 and its 200-day simple moving average is $64.54.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. During the same period last year, the company posted $0.75 EPS. The business's quarterly revenue was up 18.4% compared to the same quarter last year. Equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its Board of Directors has approved 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 purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

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.