Wellington Management Group LLP Has $137.79 Million Stock Holdings in Globus Medical, Inc. $GMED

Key Points

• Wellington Management Group LLP reduced its stake in Globus Medical by 24.6%, selling 614,184 shares and now owning approximately 1.37% of the company, valued at about $137.8 million.
• Globus Medical's latest earnings report showed an EPS of $0.86, surpassing analysts' expectations, with revenue growth of 18.4% year-over-year, totaling $745.34 million for the quarter.
• The company's Board of Directors authorized a $500 million share buyback program, permitting repurchase of up to 6.3% of its stock, indicating potential confidence in the stock's value.

Wellington Management Group LLP decreased its position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 24.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,882,415 shares of the medical device company's stock after selling 614,184 shares during the period. Wellington Management Group LLP owned approximately 1.37% of Globus Medical worth $137,793,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in GMED. Farther Finance Advisors LLC increased 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 buying an additional 240 shares during the period. Larson Financial Group LLC increased its position in Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after buying an additional 393 shares during the period. Parallel Advisors LLC increased its position in shares of Globus Medical by 62.1% in 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 increased its position in shares of Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares during the period. Finally, Whittier Trust Co. increased its position in shares of Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after purchasing an additional 184 shares during the period. Institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GMED shares. 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 report on Monday, May 12th. Piper Sandler decreased their price target 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. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. BTIG Research reaffirmed a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Price Performance

NYSE:GMED traded down $0.80 during trading hours on Monday, hitting $61.72. The company's stock had a trading volume of 441,605 shares, compared to its average volume of 1,438,614. The stock has a fifty day simple moving average of $57.30 and a 200-day simple moving average of $66.08. The company has a market capitalization of $8.34 billion, a P/E ratio of 23.77, a PEG ratio of 1.74 and a beta of 1.20. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. During the same period last year, the firm posted $0.75 earnings per share. The business's revenue for the quarter was up 18.4% on a year-over-year basis. On average, equities analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its Board of Directors has approved a share buyback plan on Thursday, May 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Globus Medical Company Profile

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.