Globus Medical, Inc. $GMED Position Reduced by Trexquant Investment LP

Key Points

• Trexquant Investment LP reduced its holdings in Globus Medical, Inc. by 55.9%, owning 62,817 shares worth approximately $4.60 million after selling 79,504 shares recently.
• Analysts have mixed views on Globus Medical, with Wells Fargo lowering its target price from $76 to $66 while eight analysts still rate the stock as a Buy and five as a Hold.
• Globus Medical has a market cap of $8.27 billion, with shares experiencing an 18.4% year-over-year increase in quarterly revenue and an earnings per share of $0.86, surpassing consensus estimates.

Trexquant Investment LP lowered its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 55.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 62,817 shares of the medical device company's stock after selling 79,504 shares during the period. Trexquant Investment LP's holdings in Globus Medical were worth $4,598,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of GMED. Farther Finance Advisors LLC grew its position in shares of 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 acquiring an additional 240 shares during the last quarter. Larson Financial Group LLC lifted its holdings in Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares during the period. Parallel Advisors LLC lifted its holdings in Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the period. Versant Capital Management Inc lifted its holdings in Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares during the period. Finally, Whittier Trust Co. lifted its holdings in Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after purchasing an additional 184 shares during the period. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Performance

NYSE GMED traded up $0.26 on Friday, reaching $60.55. The company's stock had a trading volume of 1,028,767 shares, compared to its average volume of 1,280,388. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93. The stock has a market cap of $8.18 billion, a PE ratio of 23.29, a PEG ratio of 1.69 and a beta of 1.16. The firm's 50 day moving average is $57.83 and its two-hundred day moving average is $64.54.

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

Globus Medical announced that its board has approved a share repurchase plan 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 plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GMED. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Wall Street Zen downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Friday. Wells Fargo & Company reduced their price objective on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Canaccord Genuity Group reduced their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a report on Tuesday, July 22nd. Finally, Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Globus Medical currently has an average rating of "Moderate Buy" and an average price target of $87.64.

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.