Strs Ohio Buys 21,405 Shares of Globus Medical, Inc. $GMED

Key Points

• Strs Ohio increased its stake in Globus Medical by 33.5%, acquiring 21,405 shares to hold 85,386 shares worth $7.455 million.
• Institutional ownership is very high at 95.16%, with multiple large funds (e.g., AllianceBernstein, Antipodes, Dimensional) materially boosting their positions recently.
• Analysts carry a consensus rating of Moderate Buy with a $104.36 target, and Globus recently beat quarterly expectations with $1.28 EPS vs. $1.06 expected and revenue up 25.7% year-over-year.

Strs Ohio grew its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 33.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,386 shares of the medical device company's stock after acquiring an additional 21,405 shares during the quarter. Strs Ohio owned 0.06% of Globus Medical worth $7,455,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GMED. Alliancebernstein L.P. boosted its holdings in Globus Medical by 1,303.9% in the third quarter. Alliancebernstein L.P. now owns 2,055,183 shares of the medical device company's stock worth $117,700,000 after acquiring an additional 1,908,795 shares in the last quarter. ANTIPODES PARTNERS Ltd boosted its holdings in Globus Medical by 49,020.3% in the third quarter. ANTIPODES PARTNERS Ltd now owns 891,043 shares of the medical device company's stock worth $51,034,000 after acquiring an additional 889,229 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Globus Medical by 72.1% in the third quarter. Dimensional Fund Advisors LP now owns 2,011,104 shares of the medical device company's stock worth $115,166,000 after acquiring an additional 842,547 shares in the last quarter. Vestal Point Capital LP boosted its holdings in Globus Medical by 150.0% in the third quarter. Vestal Point Capital LP now owns 1,250,000 shares of the medical device company's stock worth $71,588,000 after acquiring an additional 750,000 shares in the last quarter. Finally, Sculptor Capital LP raised its stake in shares of Globus Medical by 31.9% in the second quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company's stock worth $162,936,000 after purchasing an additional 667,850 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Needham & Company LLC boosted their price target on Globus Medical from $112.00 to $114.00 and gave the stock a "buy" rating in a research note on Wednesday, February 25th. TD Cowen upgraded Globus Medical to a "strong-buy" rating in a research note on Tuesday, January 27th. Zacks Research upgraded Globus Medical from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 3rd. Wells Fargo & Company upgraded Globus Medical to a "strong-buy" rating in a research note on Wednesday, March 18th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Globus Medical in a research note on Wednesday, April 15th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $104.36.

Globus Medical Stock Performance

Globus Medical stock opened at $90.52 on Tuesday. The stock has a market cap of $12.24 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $101.40. The stock has a fifty day moving average of $90.09 and a 200 day moving average of $86.03.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.06 by $0.22. The company had revenue of $826.42 million during the quarter, compared to analysts' expectations of $803.29 million. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.Globus Medical's revenue for the quarter was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 earnings per share. As a group, sell-side analysts predict that Globus Medical, Inc. will post 4.46 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Kelly Huller sold 20,000 shares of the company's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $94.50, for a total transaction of $1,890,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 18.51% of the company's stock.

Globus Medical Company Profile

Globus Medical, Inc NYSE: GMED is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.

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