Synovus Financial Corp Has $1.81 Million Stock Holdings in Globus Medical, Inc. $GMED

Key Points

• Synovus Financial Corp increased its holdings in Globus Medical, Inc. by 70.2% in the 1st quarter, now owning $1.81 million worth of shares after acquiring an additional 10,209 shares.
• The company reported earnings of $0.86 per share in the last quarter, exceeding analysts' expectations by $0.10, with revenue up 18.4% year-over-year.
• Globus Medical's Board of Directors initiated a share buyback program allowing the repurchase of up to $500 million in shares, indicating a belief that the stock may be undervalued.

Synovus Financial Corp increased its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 70.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 24,753 shares of the medical device company's stock after purchasing an additional 10,209 shares during the period. Synovus Financial Corp's holdings in Globus Medical were worth $1,812,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Envestnet Asset Management Inc. lifted its position in shares of Globus Medical by 49.5% during the 1st 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 acquired a new position in shares of Globus Medical during the 1st quarter worth about $587,000. New York State Teachers Retirement System lifted its position in shares of Globus Medical by 1.2% during the 1st quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock worth $6,452,000 after purchasing an additional 1,027 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Globus Medical during the 1st quarter worth about $753,000. Finally, GAMMA Investing LLC lifted its position in shares of Globus Medical by 20.3% during the 1st quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock worth $111,000 after purchasing an additional 256 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Trading Up 0.8%

Shares of GMED opened at $61.88 on Wednesday. Globus Medical, Inc. has a 1 year low of $51.79 and a 1 year high of $94.93. The stock has a 50 day simple moving average of $57.43 and a 200-day simple moving average of $65.87. The stock has a market cap of $8.36 billion, a PE ratio of 23.80, a PEG ratio of 1.71 and a beta of 1.20.

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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Truist Financial cut their price objective on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Morgan Stanley cut their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Canaccord Genuity Group cut their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 22nd. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $87.64.

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.

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