Polar Asset Management Partners Inc. Has $37.41 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Polar Asset Management Partners Inc. boosted its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 73.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 452,274 shares of the medical device company's stock after buying an additional 191,700 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.33% of Globus Medical worth $37,408,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of brokerages have recently commented on GMED. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Barclays boosted their target price on Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Wells Fargo & Company decreased their target price on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Truist Financial decreased their price objective on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Finally, BTIG Research restated a "neutral" rating on shares of Globus Medical in a research note on Tuesday. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Trading Down 0.8%

Shares of NYSE:GMED traded down $0.47 on Thursday, hitting $58.74. 1,105,258 shares of the company were exchanged, compared to its average volume of 1,110,035. The firm has a market capitalization of $7.95 billion, a P/E ratio of 78.32, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The stock's 50 day moving average price is $68.49 and its 200 day moving average price is $78.36. Globus Medical, Inc. has a 1-year low of $54.48 and a 1-year high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. During the same quarter last year, the company posted $0.72 EPS. The company's revenue was down 1.4% on a year-over-year basis. On average, equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has authorized a stock buyback plan on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

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.