Martingale Asset Management L P Makes New $1.32 Million Investment in Globus Medical, Inc. $GMED

Key Points

• Martingale Asset Management L P purchased 18,046 shares of Globus Medical, Inc. valued at approximately $1,321,000 in the first quarter.
• Globus Medical reported a quarterly net revenue of $745.34 million, exceeding analysts' expectations of $738.91 million, with an earnings per share of $0.86.
• Analysts have set a Moderate Buy rating for Globus Medical, with an average target price of $87.64, despite some recent price target reductions from firms like Truist Financial and Morgan Stanley.

Martingale Asset Management L P acquired a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 18,046 shares of the medical device company's stock, valued at approximately $1,321,000.

Several other institutional investors also recently added to or reduced their stakes in GMED. Farther Finance Advisors LLC boosted its position in 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 buying an additional 240 shares during the period. Larson Financial Group LLC lifted its position in shares of 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 buying an additional 393 shares during the last quarter. Parallel Advisors LLC grew its holdings in Globus Medical by 62.1% in 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. Versant Capital Management Inc lifted its holdings in shares of Globus Medical by 932.1% during the 1st 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. grew its stake in Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after buying an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Globus Medical Stock Performance

Shares of GMED stock traded down $0.35 on Thursday, hitting $61.16. 503,802 shares of the stock traded hands, compared to its average volume of 1,430,537. The firm's 50-day moving average price is $57.51 and its two-hundred day moving average price is $65.84. The stock has a market capitalization of $8.26 billion, a PE ratio of 23.48, a PEG ratio of 1.73 and a beta of 1.20. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (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 revenue was up 18.4% compared to the same quarter last year. During the same period last year, the business earned $0.75 earnings per share. On average, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its board has initiated a stock repurchase 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 buy up to 6.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

GMED has been the topic of a number of recent analyst reports. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Wells Fargo & Company lowered their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Finally, Truist Financial reduced their target price 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. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Globus Medical presently has an average rating of "Moderate Buy" and an average target price of $87.64.

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.