Parsifal Capital Management LP Has $68.68 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Parsifal Capital Management LP reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 38.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 830,403 shares of the medical device company's stock after selling 520,150 shares during the quarter. Globus Medical comprises approximately 5.7% of Parsifal Capital Management LP's holdings, making the stock its 9th largest position. Parsifal Capital Management LP owned about 0.61% of Globus Medical worth $68,683,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. First Horizon Advisors Inc. grew its holdings in Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock valued at $55,000 after buying an additional 132 shares in the last quarter. US Bancorp DE grew its holdings 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 valued at $356,000 after purchasing an additional 135 shares in the last quarter. Berry Wealth Group LP grew its holdings in shares of Globus Medical by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company's stock valued at $282,000 after purchasing an additional 164 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Globus Medical by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 3,487 shares of the medical device company's stock valued at $288,000 after purchasing an additional 175 shares in the last quarter. Finally, Mather Group LLC. grew its holdings in shares of Globus Medical by 16.3% in the fourth quarter. Mather Group LLC. now owns 1,356 shares of the medical device company's stock valued at $112,000 after purchasing an additional 190 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 research firms recently weighed in on GMED. StockNews.com raised shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Barclays lifted their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Stifel Nicolaus lifted their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Truist Financial dropped 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 note on Monday, May 12th. Finally, Wells Fargo & Company dropped their price objective on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $94.00.

Globus Medical Price Performance

Shares of NYSE:GMED traded down $0.19 on Monday, hitting $61.06. 400,264 shares of the company's stock were exchanged, compared to its average volume of 1,087,676. 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 $8.40 billion, a price-to-earnings ratio of 81.37, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The business's 50 day simple moving average is $70.47 and its two-hundred day simple moving average is $79.41.

Globus Medical (NYSE:GMED - Get Free Report) last released 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). Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The business had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same quarter last year, the business posted $0.72 earnings per share. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. Equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its board has authorized a stock repurchase program on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to purchase up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

Globus Medical 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.