Vestal Point Capital LP Has $14.64 Million Holdings in Globus Medical, Inc. $GMED

Key Points

• Vestal Point Capital LP reduced its holdings in Globus Medical by 38.5%, owning 200,000 shares after selling 125,000 shares in the first quarter.
• Institutional investors and hedge funds own 95.16% of Globus Medical, with several firms either increasing their positions or acquiring new shares during the same period.
• Globus Medical reported a quarterly EPS of $0.86, exceeding analyst expectations of $0.76, and saw a year-over-year revenue increase of 18.4%.

Vestal Point Capital LP cut its position in Globus Medical, Inc. (NYSE:GMED - Free Report) by 38.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 200,000 shares of the medical device company's stock after selling 125,000 shares during the quarter. Vestal Point Capital LP owned about 0.15% of Globus Medical worth $14,640,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of GMED. Royal Bank of Canada increased its position in Globus Medical by 15.7% in the 1st quarter. Royal Bank of Canada now owns 416,789 shares of the medical device company's stock valued at $30,509,000 after acquiring an additional 56,432 shares during the period. Armistice Capital LLC bought a new position in shares of Globus Medical in the first quarter worth $12,651,000. Twin Tree Management LP increased its holdings in shares of Globus Medical by 2,917.0% during the first quarter. Twin Tree Management LP now owns 3,017 shares of the medical device company's stock valued at $221,000 after purchasing an additional 2,917 shares during the period. Sculptor Capital LP lifted its holdings in Globus Medical by 0.7% in the first quarter. Sculptor Capital LP now owns 2,092,838 shares of the medical device company's stock worth $153,196,000 after purchasing an additional 15,000 shares during the period. Finally, Kingdon Capital Management L.L.C. acquired a new stake in Globus Medical in the first quarter worth about $11,075,000. Institutional investors own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on GMED. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Truist Financial cut their target price on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Morgan Stanley lowered 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. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Monday, July 21st. Finally, JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $87.64.

Globus Medical Stock Performance

Shares of NYSE:GMED traded up $0.26 during mid-day trading on Friday, hitting $60.55. The stock had a trading volume of 1,028,767 shares, compared to its average volume of 1,280,388. The company's 50 day moving average is $57.83 and its 200-day moving average is $64.67. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The company has a market cap of $8.18 billion, a PE ratio of 23.29, a P/E/G ratio of 1.68 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last announced its 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 company had revenue of $745.34 million for 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%. The company's revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.75 EPS. On average, equities research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its board has initiated 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 reacquire up to 6.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are 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.