Mitsubishi UFJ Asset Management UK Ltd. Invests $805,000 in Globus Medical, Inc. (NYSE:GMED)

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. invested approximately $805,000 in Globus Medical by acquiring 11,000 shares, highlighting growing institutional interest in the medical device company.
• Globus Medical reported quarterly revenue of $745.34 million, exceeding estimates and showing an 18.4% year-over-year increase, alongside an EPS of $0.86.
• The company has initiated a $500 million stock buyback program, indicating the board's belief that the shares are undervalued.

Mitsubishi UFJ Asset Management UK Ltd. purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,000 shares of the medical device company's stock, valued at approximately $805,000.

A number of other institutional investors and hedge funds also recently modified their holdings of GMED. Russell Investments Group Ltd. increased its position in shares of Globus Medical by 527.9% during the fourth quarter. Russell Investments Group Ltd. now owns 32,645 shares of the medical device company's stock valued at $2,700,000 after acquiring an additional 27,446 shares during the last quarter. Invesco Ltd. grew its holdings in Globus Medical by 69.4% during the fourth quarter. Invesco Ltd. now owns 468,002 shares of the medical device company's stock valued at $38,708,000 after purchasing an additional 191,720 shares during the period. Treasurer of the State of North Carolina grew its holdings in Globus Medical by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 49,230 shares of the medical device company's stock valued at $4,072,000 after purchasing an additional 310 shares during the period. Sterling Capital Management LLC grew its holdings in Globus Medical by 38.5% during the fourth quarter. Sterling Capital Management LLC now owns 8,510 shares of the medical device company's stock valued at $704,000 after purchasing an additional 2,366 shares during the period. Finally, Synovus Financial Corp grew its holdings in Globus Medical by 1.6% during the fourth quarter. Synovus Financial Corp now owns 14,544 shares of the medical device company's stock valued at $1,203,000 after purchasing an additional 233 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Up 1.7%

GMED opened at $62.91 on Thursday. The company has a market cap of $8.52 billion, a P/E ratio of 24.20, a P/E/G ratio of 1.71 and a beta of 1.20. The business's 50-day moving average price is $57.20 and its 200-day moving average price is $67.95. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 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 EPS for the quarter, topping the consensus estimate of $0.76 by $0.10. The firm 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%. The company's quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.75 earnings per share. Equities research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its board has initiated a stock buyback program on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Wells Fargo & Company reduced their price objective on Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Morgan Stanley cut their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Finally, Piper Sandler cut their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $87.64.

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.

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