15,252 Shares in Globus Medical, Inc. (NYSE:GMED) Purchased by Wealthstar Advisors LLC

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

A number of other large investors have also recently made changes to their positions in GMED. US Bancorp DE boosted 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 acquiring an additional 135 shares during the period. Berry Wealth Group LP lifted its holdings in Globus Medical by 4.2% in the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company's stock worth $260,000 after purchasing an additional 144 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Globus Medical by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after purchasing an additional 150 shares during the period. Parallel Advisors LLC boosted its stake in Globus Medical by 62.1% in the 1st 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. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in Globus Medical by 3.0% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 6,920 shares of the medical device company's stock valued at $572,000 after buying an additional 200 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Piper Sandler dropped their price objective on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Barclays reaffirmed an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Truist Financial dropped their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a research note on Monday, May 12th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $94.00.

Globus Medical Trading Up 0.6%

Shares of NYSE GMED traded up $0.33 during trading hours on Wednesday, hitting $60.53. 1,746,085 shares of the company traded hands, compared to its average volume of 1,125,298. The company's 50 day moving average price is $62.16 and its 200 day moving average price is $74.25. 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 $8.19 billion, a price-to-earnings ratio of 45.17, a price-to-earnings-growth ratio of 1.72 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 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 firm had revenue of $598.12 million for the quarter, compared to analysts' expectations of $629.74 million. During the same period in the prior year, the firm posted $0.72 earnings per share. Globus Medical's revenue for the quarter 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 declared that its board has initiated a share buyback plan on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership 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.