Nuveen LLC Invests $54.67 Million in Globus Medical, Inc. $GMED

Key Points

• Nuveen LLC acquired 746,838 shares of Globus Medical, Inc. valued at approximately $54.67 million, representing around 0.54% ownership in the company.
• Globus Medical reported a 18.4% increase in revenue compared to the previous year, with earnings of $0.86 EPS beating estimates by $0.10.
• The board has authorized a $500 million stock buyback program, indicating confidence in the company's valuation relative to its stock price.

Nuveen LLC bought a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 746,838 shares of the medical device company's stock, valued at approximately $54,669,000. Nuveen LLC owned 0.54% of Globus Medical as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of GMED. Vanguard Group Inc. increased its stake in Globus Medical by 0.4% in the first quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company's stock valued at $798,545,000 after purchasing an additional 45,248 shares in the last quarter. Burgundy Asset Management Ltd. increased its stake in Globus Medical by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock valued at $216,544,000 after purchasing an additional 43,330 shares in the last quarter. Invesco Ltd. increased 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 valued at $147,949,000 after purchasing an additional 1,553,154 shares in the last quarter. Geneva Capital Management LLC increased 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 valued at $134,223,000 after purchasing an additional 17,810 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in Globus Medical by 74.9% in the fourth quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company's stock valued at $93,981,000 after purchasing an additional 486,756 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Truist Financial decreased 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 note on Monday, May 12th. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Barclays reissued an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Morgan Stanley decreased their target price on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Finally, Canaccord Genuity Group decreased their target price on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Stock Down 0.2%

Globus Medical stock traded down $0.13 during trading hours on Monday, hitting $60.44. The stock had a trading volume of 657,138 shares, compared to its average volume of 1,454,112. The stock has a market capitalization of $8.16 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.69 and a beta of 1.20. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The stock's 50-day moving average price is $57.22 and its 200-day moving average price is $67.15.

Globus Medical (NYSE:GMED - Get Free Report) last issued its earnings results 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 business 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%. The business's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.75 earnings per share. On average, research analysts expect 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 repurchase program on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership 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.