Polar Asset Management Partners Inc. Sells 217,069 Shares of Globus Medical, Inc. $GMED

Key Points

• Polar Asset Management Partners Inc. has sold 217,069 shares of Globus Medical, Inc., reducing its stake by 48% to approximately 0.17% of the company, valued at around $17.2 million.
• Globus Medical's stock has shown a 2.6% increase recently, with a market cap of $8.15 billion, and the company reported an 18.4% year-over-year revenue growth in its latest quarterly earnings.
• The company's Board of Directors approved a $500 million share repurchase program, indicating confidence in the stock's value amidst institutional ownership of about 95.16% of the shares.

Polar Asset Management Partners Inc. reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 48.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 235,205 shares of the medical device company's stock after selling 217,069 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.17% of Globus Medical worth $17,217,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Berry Wealth Group LP grew its stake in shares of Globus Medical by 4.2% during the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock valued at $260,000 after purchasing an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock valued at $479,000 after purchasing an additional 150 shares during the last quarter. HB Wealth Management LLC grew its stake in shares of Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company's stock valued at $278,000 after purchasing an additional 170 shares during the last quarter. Whittier Trust Co. boosted its stake in Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after acquiring an additional 184 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after acquiring an additional 193 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Up 2.6%

Shares of NYSE GMED opened at $60.34 on Friday. The company's fifty day moving average is $57.79 and its 200-day moving average is $64.84. The stock has a market cap of $8.15 billion, a price-to-earnings ratio of 23.21, a P/E/G ratio of 1.64 and a beta of 1.16. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. During the same period last year, the business posted $0.75 earnings per share. The firm's quarterly revenue was up 18.4% on a year-over-year basis. On average, research analysts anticipate 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 buyback $500.00 million in outstanding shares. This buyback authorization authorizes the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Canaccord Genuity Group reduced their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, July 22nd. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Truist Financial reduced their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Wells Fargo & Company reduced their price objective on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Finally, Piper Sandler reduced their price objective on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

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.

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