Washington Trust Advisors Inc. Sells 9,538 Shares of Globus Medical, Inc. (NYSE:GMED)

Washington Trust Advisors Inc. cut its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 26.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 27,136 shares of the medical device company's stock after selling 9,538 shares during the quarter. Washington Trust Advisors Inc.'s holdings in Globus Medical were worth $1,986,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in GMED. SBI Securities Co. Ltd. purchased a new stake in shares of Globus Medical in the fourth quarter valued at about $27,000. Farther Finance Advisors LLC lifted its position in Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Globus Medical by 62.1% during the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after buying an additional 494 shares during the period. Finally, Huntington National Bank grew its stake in shares of Globus Medical by 47.8% during the 4th quarter. Huntington National Bank now owns 958 shares of the medical device company's stock worth $79,000 after purchasing an additional 310 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Price Performance

Globus Medical stock traded up $0.44 during mid-day trading on Wednesday, hitting $60.64. The company's stock had a trading volume of 806,890 shares, compared to its average volume of 1,121,778. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93. The company has a market cap of $8.21 billion, a PE ratio of 45.29, a price-to-earnings-growth ratio of 1.72 and a beta of 1.19. The firm's 50 day moving average is $62.16 and its 200 day moving average is $74.25.

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

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

Analyst Ratings Changes

A number of analysts recently commented on GMED shares. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Piper Sandler lowered their target price on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. JMP Securities restated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Barclays reiterated an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Finally, Truist Financial decreased their price target 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. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average 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.