Van Berkom & Associates Inc. Has $81.87 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Key Points

• Van Berkom & Associates Inc. reduced its stake in Globus Medical by 5.8% during Q1, now owning 1,118,432 shares worth approximately $81.87 million.
• Globus Medical reported earnings of $0.68 per share for the quarter, missing estimates, and its revenue fell 1.4% year-over-year.
• The company's Board of Directors has authorized a $500 million share buyback program, indicating a belief that the stock is undervalued.

Van Berkom & Associates Inc. trimmed its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,118,432 shares of the medical device company's stock after selling 68,894 shares during the quarter. Globus Medical makes up about 2.6% of Van Berkom & Associates Inc.'s portfolio, making the stock its 13th biggest holding. Van Berkom & Associates Inc. owned 0.81% of Globus Medical worth $81,869,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its position in Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after buying an additional 240 shares during the last quarter. Larson Financial Group LLC raised its position 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 acquiring an additional 393 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock valued at $37,000 after buying an additional 193 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of 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 acquiring an additional 494 shares during the last quarter. Finally, Whittier Trust Co. boosted its stake in Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after buying an additional 184 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. BTIG Research reiterated a "neutral" rating on shares of Globus Medical in a report on Tuesday, May 27th. Truist Financial dropped their price objective on Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Piper Sandler dropped their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Morgan Stanley dropped their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research report on Monday, July 21st. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.09.

Globus Medical Trading Up 0.8%

Shares of NYSE:GMED traded up $0.46 during midday trading on Wednesday, hitting $54.50. The company had a trading volume of 248,968 shares, compared to its average volume of 1,429,988. Globus Medical, Inc. has a 12 month low of $51.87 and a 12 month high of $94.93. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 40.71, a PEG ratio of 1.59 and a beta of 1.19. The firm has a fifty day simple moving average of $57.90 and a 200 day simple moving average of $70.45.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.06). The business had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The business's revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. Equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its board has initiated a stock repurchase program on Thursday, May 15th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

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.