Paradigm Capital Management Inc. NY Sells 22,100 Shares of Globus Medical, Inc. (NYSE:GMED)

Paradigm Capital Management Inc. NY cut its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 949,300 shares of the medical device company's stock after selling 22,100 shares during the quarter. Globus Medical comprises about 3.6% of Paradigm Capital Management Inc. NY's holdings, making the stock its 8th largest position. Paradigm Capital Management Inc. NY owned 0.70% of Globus Medical worth $78,517,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Globus Medical during the 4th quarter worth approximately $117,102,000. RTW Investments LP bought a new position in Globus Medical during the fourth quarter worth $80,394,000. Iron Triangle Partners LP acquired a new stake in Globus Medical in the fourth quarter worth $69,808,000. Polar Capital Holdings Plc acquired a new stake in Globus Medical in the fourth quarter worth $63,762,000. Finally, Raymond James Financial Inc. bought a new stake in Globus Medical in the fourth quarter valued at $58,405,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Shares of GMED stock opened at $61.06 on Tuesday. Globus Medical, Inc. has a 52 week low of $54.48 and a 52 week high of $94.93. The firm's 50-day simple moving average is $70.27 and its two-hundred day simple moving average is $79.31. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of 81.41, a P/E/G ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.06). The firm had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 EPS. Analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits 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 management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

GMED has been the subject of a number of research reports. StockNews.com raised Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Piper Sandler lowered their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Wells Fargo & Company dropped their price target on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Stifel Nicolaus boosted their price objective on Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Finally, Truist Financial lowered their price objective on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research note on Monday, May 12th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.00.

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.

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