Vestal Point Capital LP Invests $26.88 Million in Globus Medical, Inc. (NYSE:GMED)

Vestal Point Capital LP bought a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 325,000 shares of the medical device company's stock, valued at approximately $26,881,000. Globus Medical comprises about 1.6% of Vestal Point Capital LP's investment portfolio, making the stock its 26th largest position. Vestal Point Capital LP owned about 0.24% of Globus Medical as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new stake in Globus Medical during the 4th quarter worth approximately $27,000. UMB Bank n.a. lifted its holdings in Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company's stock worth $45,000 after purchasing an additional 206 shares in the last quarter. V Square Quantitative Management LLC boosted its stake in Globus Medical by 52.0% in the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company's stock worth $48,000 after purchasing an additional 197 shares during the period. First Horizon Advisors Inc. grew its holdings in Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock valued at $55,000 after buying an additional 132 shares in the last quarter. Finally, Huntington National Bank grew its stake in Globus Medical by 47.8% during the fourth quarter. Huntington National Bank now owns 958 shares of the medical device company's stock valued at $79,000 after acquiring an additional 310 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Globus Medical Trading Up 0.7%

Shares of NYSE GMED traded up $0.40 during trading hours on Friday, hitting $59.00. 1,395,095 shares of the company traded hands, compared to its average volume of 1,103,834. The company's 50 day moving average price is $69.60 and its 200 day moving average price is $78.94. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of 78.66, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same quarter last year, the firm earned $0.72 EPS. The company's revenue was down 1.4% on a year-over-year basis. Equities analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

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

Wall Street Analyst Weigh In

Several research firms have commented on GMED. Barclays increased their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Piper Sandler decreased their target price 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. Stifel Nicolaus raised their price target on Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a report on Friday, February 21st. Wall Street Zen raised Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Finally, Wells Fargo & Company decreased their price objective on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $94.00.

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.