9,076 Shares in Globus Medical, Inc. $GMED Bought by Pinnacle Wealth Management LLC

Key Points

• Pinnacle Wealth Management LLC has acquired 9,076 shares of Globus Medical, Inc., valued at approximately $664,000, as part of its new investment strategy in the medical device company during the first quarter.
• Analysts have decreased their target prices for Globus Medical, with ratings ranging from "overweight" to "hold", and a current average target price of $87.64.
• Globus Medical reported earnings of $0.86 per share for the last quarter, exceeding estimates, and has initiated a stock repurchase program authorizing $500 million in buybacks, indicating confidence in its stock valuation.

Pinnacle Wealth Management LLC purchased a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 9,076 shares of the medical device company's stock, valued at approximately $664,000.

A number of other hedge funds have also added to or reduced their stakes in GMED. Farther Finance Advisors LLC boosted its stake in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after buying an additional 240 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after buying an additional 393 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after buying an additional 193 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after buying an additional 494 shares during the last quarter. Finally, Whittier Trust Co. boosted its stake in shares of Globus Medical by 46.5% in 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. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. JMP Securities restated a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Morgan Stanley lowered their price target on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Truist Financial lowered their price target on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a report on Monday, May 12th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Trading Up 3.4%

Shares of Globus Medical stock traded up $2.0440 during trading on Friday, hitting $62.5440. The stock had a trading volume of 719,357 shares, compared to its average volume of 1,444,952. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of 24.06, a P/E/G 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 business's 50-day moving average is $57.23 and its 200 day moving average is $66.62.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share 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 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 quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.75 earnings per share. As a group, equities analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its board has authorized a stock repurchase program on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Globus Medical Company 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.