RTW Investments LP Purchases New Position in Globus Medical, Inc. (NYSE:GMED)

RTW Investments LP bought a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 972,000 shares of the medical device company's stock, valued at approximately $80,394,000. Globus Medical makes up 1.2% of RTW Investments LP's holdings, making the stock its 28th biggest position. RTW Investments LP owned about 0.71% of Globus Medical as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in GMED. American Century Companies Inc. lifted its holdings in shares of Globus Medical by 255.9% during the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company's stock worth $8,588,000 after acquiring an additional 74,659 shares during the last quarter. Oak Thistle LLC bought a new stake in shares of Globus Medical during the 4th quarter worth $376,000. bLong Financial LLC bought a new stake in shares of Globus Medical during the 4th quarter worth $397,000. HB Wealth Management LLC bought a new stake in shares of Globus Medical during the 4th quarter worth $301,000. Finally, Proficio Capital Partners LLC bought a new stake in shares of Globus Medical during the 4th quarter worth $1,190,000. 95.16% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler dropped their price objective 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. 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 report on Friday, February 21st. 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 research note on Monday, May 12th. Stifel Nicolaus raised their price objective on Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Finally, StockNews.com upgraded Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $94.00.

Globus Medical Trading Down 0.3%

Shares of GMED stock traded down $0.19 during mid-day trading on Monday, reaching $61.06. The stock had a trading volume of 1,193,009 shares, compared to its average volume of 1,090,684. The stock's 50-day moving average price is $70.47 and its two-hundred day moving average price is $79.41. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93. The firm has a market capitalization of $8.40 billion, a PE ratio of 81.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data 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). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $598.12 million during the quarter, compared to analysts' expectations of $629.74 million. During the same quarter in the previous year, the firm posted $0.72 EPS. Globus Medical's revenue was down 1.4% compared to the same quarter last year. On average, equities research analysts forecast 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 permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to buy up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are 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.