United Services Automobile Association Invests $544,000 in Globus Medical, Inc. $GMED

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 Globus Medical, Inc. (NYSE:GMED - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,504 shares of the medical device company's stock, valued at approximately $544,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. raised its holdings in Globus Medical by 49.5% in the first quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock valued at $30,258,000 after acquiring an additional 136,955 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in Globus Medical during the first quarter worth approximately $587,000. New York State Teachers Retirement System raised its holdings in Globus Medical by 1.2% during the first 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 in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Globus Medical during the first quarter worth approximately $753,000. Finally, GAMMA Investing LLC raised its holdings in Globus Medical by 20.3% during the first 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 in the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GMED. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Morgan Stanley cut their target price on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Canaccord Genuity Group lowered their price objective on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, July 22nd. Finally, JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Stock Up 0.1%

Shares of Globus Medical stock traded up $0.06 on Monday, hitting $58.80. 246,439 shares of the company's stock traded hands, compared to its average volume of 1,399,757. The stock has a market cap of $7.94 billion, a P/E ratio of 22.57, a PEG ratio of 1.61 and a beta of 1.16. The firm's 50-day moving average is $57.78 and its 200 day moving average is $63.68. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93.

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

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.