Globus Medical, Inc. $GMED Shares Purchased by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. increased its holdings in Globus Medical by 2.2%, acquiring an additional 25,247 shares, bringing its total ownership to over 1.14 million shares valued at approximately $84 million.
• Globus Medical's stock recently dropped 1.8%, with a current market cap of $8.30 billion and an earnings per share (EPS) that exceeded analyst expectations at $0.86.
• The company has authorized a $500 million share repurchase plan, indicating management's belief that shares are currently undervalued, and institutional investors hold 95.16% of the stock.

Price T Rowe Associates Inc. MD lifted its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 2.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,148,379 shares of the medical device company's stock after purchasing an additional 25,247 shares during the period. Price T Rowe Associates Inc. MD owned about 0.83% of Globus Medical worth $84,062,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its holdings in shares of Globus Medical by 49.5% in the first quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock worth $30,258,000 after purchasing an additional 136,955 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new stake in Globus Medical in the first quarter worth about $587,000. New York State Teachers Retirement System lifted its stake in Globus Medical by 1.2% in the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock worth $6,452,000 after acquiring an additional 1,027 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Globus Medical in the first quarter worth about $753,000. Finally, GAMMA Investing LLC lifted its stake in Globus Medical by 20.3% in the first quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock worth $111,000 after acquiring an additional 256 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Price Performance

Shares of GMED stock traded down $0.35 during mid-day trading on Thursday, hitting $61.16. 759,848 shares of the stock traded hands, compared to its average volume of 1,431,767. The stock has a market cap of $8.26 billion, a P/E ratio of 23.52, a P/E/G ratio of 1.72 and a beta of 1.20. The stock's fifty day moving average is $57.58 and its two-hundred day moving average is $65.66. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.76 by $0.10. The business had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company's quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.75 earnings per share. As a group, equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has initiated a stock buyback plan 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 reacquire up to 6.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

GMED has been the subject of a number of research reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Morgan Stanley lowered their price objective on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Wells Fargo & Company lowered their price objective on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Finally, Canaccord Genuity Group lowered their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

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.