Iron Triangle Partners LP Acquires New Stake in Globus Medical, Inc. (NYSE:GMED)

Iron Triangle Partners LP purchased a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 844,013 shares of the medical device company's stock, valued at approximately $69,808,000. Globus Medical makes up about 7.7% of Iron Triangle Partners LP's portfolio, making the stock its 3rd largest holding. Iron Triangle Partners LP owned approximately 0.62% of Globus Medical at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Globus Medical during the 4th quarter valued at about $117,102,000. Raymond James Financial Inc. purchased a new position in shares of Globus Medical during the fourth quarter worth approximately $58,405,000. Driehaus Capital Management LLC bought a new stake in shares of Globus Medical in the 4th quarter worth approximately $45,138,000. Marshall Wace LLP boosted its stake in shares of Globus Medical by 74.9% in the 4th quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company's stock valued at $93,981,000 after purchasing an additional 486,756 shares in the last quarter. Finally, Kathmere Capital Management LLC bought a new position in shares of Globus Medical during the 4th quarter valued at $23,091,000. Institutional investors own 95.16% of the company's stock.

Globus Medical Stock Down 23.4 %

Shares of GMED opened at $55.54 on Friday. The stock has a market cap of $7.64 billion, a P/E ratio of 74.05, a P/E/G ratio of 1.61 and a beta of 1.32. The business's 50 day moving average price is $72.21 and its 200-day moving average price is $79.89. Globus Medical, Inc. has a 52 week low of $54.48 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly 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). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same quarter in the previous year, the business earned $0.72 earnings per share. Globus Medical's revenue was down 1.4% compared to the same quarter last year. On average, equities analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Truist Financial reduced their price objective on Globus Medical from $82.00 to $80.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Barclays lifted their price target on Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. StockNews.com lowered shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Friday, March 21st. Finally, Piper Sandler cut their price target on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $95.09.

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.

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