7,504 Shares in Globus Medical, Inc. $GMED Acquired by United Services Automobile Association

Key Points

• United Services Automobile Association has acquired a new stake in Globus Medical, Inc., purchasing 7,504 shares valued at approximately $544,000.
• Multiple institutional investors made substantial increases in their holdings of Globus Medical during the first quarter, with notable increases of 145.5% and 1,007.7% from different firms.
• Globus Medical reported a quarterly revenue of $745.34 million, exceeding analyst expectations and achieving an 18.4% increase compared to the same quarter last year.

United Services Automobile Association acquired a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,504 shares of the medical device company's stock, valued at approximately $544,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted 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 valued at $30,000 after purchasing an additional 240 shares during the period. Larson Financial Group LLC lifted its position in Globus Medical by 1,007.7% during the first 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 period. Parallel Advisors LLC lifted its position in Globus Medical by 62.1% during the first 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 period. Versant Capital Management Inc lifted its position 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 valued at $40,000 after purchasing an additional 494 shares during the period. Finally, Whittier Trust Co. lifted its position in Globus Medical by 46.5% during the first 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 period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Trading Down 1.5%

GMED stock traded down $0.89 during mid-day trading on Friday, reaching $58.73. The company's stock had a trading volume of 807,333 shares, compared to its average volume of 953,093. The stock has a market cap of $7.93 billion, a PE ratio of 22.59, a P/E/G ratio of 1.63 and a beta of 1.16. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The company's 50 day moving average is $57.78 and its two-hundred day moving average is $63.78.

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

Analyst Ratings Changes

A number of research firms recently issued reports on GMED. Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Canaccord Genuity Group decreased their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Wells Fargo & Company cut their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $87.64.

About Globus Medical

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.