Stephens Investment Management Group LLC Grows Stock Position in Globus Medical, Inc. (NYSE:GMED)

Stephens Investment Management Group LLC grew its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 11.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 645,057 shares of the medical device company's stock after buying an additional 67,687 shares during the period. Stephens Investment Management Group LLC owned 0.47% of Globus Medical worth $47,218,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Farther Finance Advisors LLC increased its position in Globus Medical by 145.5% during the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after purchasing an additional 240 shares during the last quarter. Parallel Advisors LLC boosted its stake in Globus Medical by 62.1% during the first 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 period. Versant Capital Management Inc boosted its stake in Globus Medical by 932.1% during the first 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 period. First Horizon Advisors Inc. boosted its stake in Globus Medical by 30.9% during the first quarter. First Horizon Advisors Inc. now owns 872 shares of the medical device company's stock worth $64,000 after buying an additional 206 shares during the period. Finally, UMB Bank n.a. boosted its stake in shares of Globus Medical by 76.8% in the first quarter. UMB Bank n.a. now owns 969 shares of the medical device company's stock valued at $71,000 after purchasing an additional 421 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Trading Down 1.2%

Shares of Globus Medical stock traded down $0.71 during trading on Friday, reaching $57.09. The company's stock had a trading volume of 1,407,031 shares, compared to its average volume of 1,159,342. The company has a 50-day moving average price of $59.88 and a two-hundred day moving average price of $72.88. The firm has a market cap of $7.73 billion, a PE ratio of 42.60, a P/E/G ratio of 1.66 and a beta of 1.19. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The business had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The business's revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 earnings per share. On average, analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has authorized a share repurchase plan 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 repurchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GMED. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Wall Street Zen raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Finally, Truist Financial lowered their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research note on Monday, May 12th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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.