Globus Medical, Inc. (NYSE:GMED) Stake Increased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lifted its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 47.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 15,601 shares of the medical device company's stock after acquiring an additional 5,041 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Globus Medical were worth $1,142,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in GMED. Commonwealth Equity Services LLC increased its stake in Globus Medical by 11.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,787 shares of the medical device company's stock worth $644,000 after buying an additional 831 shares during the period. American Century Companies Inc. grew its position in shares of Globus Medical by 255.9% in the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company's stock valued at $8,588,000 after buying an additional 74,659 shares during the last quarter. Sei Investments Co. boosted its stake in Globus Medical by 4.9% during the 4th quarter. Sei Investments Co. now owns 96,775 shares of the medical device company's stock worth $8,004,000 after purchasing an additional 4,505 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Globus Medical during the 4th quarter worth $1,900,000. Finally, LPL Financial LLC lifted its stake in shares of Globus Medical by 7.6% in the 4th quarter. LPL Financial LLC now owns 126,548 shares of the medical device company's stock worth $10,467,000 after acquiring an additional 8,987 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Price Performance

GMED stock traded down $0.13 during midday trading on Monday, reaching $54.36. 129,742 shares of the company's stock traded hands, compared to its average volume of 1,433,519. The company has a market capitalization of $7.36 billion, a P/E ratio of 40.56, a PEG ratio of 1.59 and a beta of 1.19. Globus Medical, Inc. has a fifty-two week low of $51.87 and a fifty-two week high of $94.93. The business has a 50-day moving average price of $58.19 and a two-hundred day moving average price of $70.80.

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

Globus Medical announced that its Board of Directors has initiated a share repurchase 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 buy up to 6.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GMED. Wall Street Zen upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Barclays restated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Truist Financial lowered their price target on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Finally, Piper Sandler lowered their price target 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. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Globus Medical has a consensus rating of "Moderate Buy" and an average price target of $90.09.

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.