Summit Financial LLC Makes New Investment in Globus Medical, Inc. $GMED

Key Points

• Summit Financial LLC has made a significant investment of approximately $7.17 million in Globus Medical, acquiring nearly 98,000 shares, indicating confidence in the company's future performance.
• Globus Medical recently reported quarterly earnings, with an EPS of $0.86, surpassing analysts' expectations, and an 18.4% increase in revenue compared to the previous year.
• The company has authorized a $500 million share buyback plan, reflecting management's belief that its shares are undervalued, with institutional investors owning about 95.16% of the stock.

Summit Financial LLC bought a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 97,987 shares of the medical device company's stock, valued at approximately $7,173,000. Summit Financial LLC owned about 0.07% of Globus Medical at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC grew its stake in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after purchasing an additional 240 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock valued at $32,000 after purchasing an additional 393 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after purchasing an additional 193 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after purchasing an additional 494 shares during the last quarter. Finally, Whittier Trust Co. grew its stake in shares of Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock valued at $42,000 after purchasing an additional 184 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GMED has been the subject of several recent analyst reports. JMP Securities reissued a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Truist Financial reduced their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Barclays reissued an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Wells Fargo & Company reduced their price target on Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Globus Medical presently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Stock Performance

GMED stock traded down $1.0960 during midday trading on Monday, hitting $61.4240. 998,613 shares of the stock were exchanged, compared to its average volume of 1,442,120. The stock's 50-day moving average price is $57.30 and its 200-day moving average price is $66.08. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 1.74 and a beta of 1.20. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. The firm had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical's revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 earnings per share. Research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

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.