Wealthstar Advisors LLC Invests $1.12 Million in Globus Medical, Inc. (NYSE:GMED)

Wealthstar Advisors LLC acquired a new stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,252 shares of the medical device company's stock, valued at approximately $1,116,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Private Advisor Group LLC increased its holdings in Globus Medical by 17.8% during the fourth quarter. Private Advisor Group LLC now owns 4,989 shares of the medical device company's stock valued at $413,000 after buying an additional 753 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Globus Medical by 2.7% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 23,994 shares of the medical device company's stock valued at $1,985,000 after buying an additional 634 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Globus Medical in the fourth quarter worth $1,190,000. Versor Investments LP purchased a new stake in shares of Globus Medical in the fourth quarter worth $231,000. Finally, US Bancorp DE increased its stake in shares of Globus Medical by 3.2% in the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company's stock worth $356,000 after purchasing an additional 135 shares in the last quarter. Institutional investors own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GMED shares. Piper Sandler reduced their price objective 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. Barclays reissued an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Truist Financial lowered their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research report on Monday, May 12th. Finally, Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $94.00.

Globus Medical Trading Down 0.5%

Shares of NYSE GMED opened at $58.54 on Friday. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 43.68, a PEG ratio of 1.71 and a beta of 1.20. The company has a 50 day simple moving average of $62.57 and a two-hundred day simple moving average of $74.57. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93.

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 firm had revenue of $598.12 million for the quarter, compared to analysts' expectations of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. Globus Medical's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period last year, the firm earned $0.72 earnings per share. Analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its Board of Directors has approved a share buyback plan 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 repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management 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.

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