Sherbrooke Park Advisers LLC Invests $853,000 in Globus Medical, Inc. (NYSE:GMED)

Sherbrooke Park Advisers LLC bought a new position in Globus Medical, Inc. (NYSE:GMED - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 10,308 shares of the medical device company's stock, valued at approximately $853,000.

A number of other institutional investors have also added to or reduced their stakes in GMED. RTW Investments LP purchased a new position in shares of Globus Medical during the fourth quarter valued at $80,394,000. Rafferty Asset Management LLC acquired a new position in Globus Medical in the fourth quarter valued at approximately $215,000. Point72 Asset Management L.P. increased its position in shares of Globus Medical by 306.5% in the fourth quarter. Point72 Asset Management L.P. now owns 591,747 shares of the medical device company's stock valued at $48,943,000 after buying an additional 446,166 shares in the last quarter. Polar Asset Management Partners Inc. increased its position in shares of Globus Medical by 73.6% during the fourth quarter. Polar Asset Management Partners Inc. now owns 452,274 shares of the medical device company's stock worth $37,408,000 after purchasing an additional 191,700 shares in the last quarter. Finally, Polar Capital Holdings Plc purchased a new stake in shares of Globus Medical during the fourth quarter worth approximately $63,762,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wells Fargo & Company decreased their target price on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Piper Sandler reduced their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Stifel Nicolaus lifted their price objective on Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Barclays boosted their price target on Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Finally, StockNews.com upgraded Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Globus Medical has an average rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Stock Performance

Globus Medical stock traded down $0.19 during midday trading on Monday, hitting $61.06. 1,193,009 shares of the company's stock were exchanged, compared to its average volume of 1,090,684. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The firm has a 50-day moving average of $70.47 and a two-hundred day moving average of $79.41. The company has a market cap of $8.40 billion, a PE ratio of 81.41, a P/E/G ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly 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). 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 during the quarter, compared to analyst estimates of $629.74 million. During the same period in the prior year, the business posted $0.72 EPS. Globus Medical's revenue was down 1.4% compared to the same quarter last year. As a group, equities analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical announced that its board has initiated a stock repurchase program 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 programs are generally a sign that the company's leadership believes its shares are undervalued.

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.