Polar Capital Holdings Plc Buys New Shares in Globus Medical, Inc. (NYSE:GMED)

Polar Capital Holdings Plc bought a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 770,913 shares of the medical device company's stock, valued at approximately $63,762,000. Polar Capital Holdings Plc owned approximately 0.57% of Globus Medical at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in shares of Globus Medical in the fourth quarter valued at approximately $27,000. UMB Bank n.a. raised its position in shares of Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company's stock worth $45,000 after acquiring an additional 206 shares in the last quarter. V Square Quantitative Management LLC boosted its position in shares of Globus Medical by 52.0% during the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company's stock worth $48,000 after purchasing an additional 197 shares in the last quarter. First Horizon Advisors Inc. increased its position in Globus Medical by 24.7% in 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. Finally, Huntington National Bank increased its position in Globus Medical by 47.8% in the 4th quarter. Huntington National Bank now owns 958 shares of the medical device company's stock valued at $79,000 after buying an additional 310 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Trading Up 0.4%

GMED stock traded up $0.26 during mid-day trading on Tuesday, hitting $61.31. 734,493 shares of the company were exchanged, compared to its average volume of 1,089,582. Globus Medical, Inc. has a twelve month low of $54.48 and a twelve month high of $94.93. The firm has a fifty day simple moving average of $70.27 and a 200 day simple moving average of $79.31. The company has a market capitalization of $8.43 billion, a PE ratio of 81.77, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The company had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm's revenue for the quarter 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, sell-side analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical declared that its board has initiated a share repurchase plan on Thursday, May 15th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the medical device company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GMED. Wells Fargo & Company reduced their price objective on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Barclays lifted their price objective on Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. StockNews.com upgraded shares of Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research note on Tuesday, March 18th. Finally, Piper Sandler cut their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $94.00.

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.