Fifth Third Bancorp Has $588,000 Holdings in Globus Medical, Inc. (NYSE:GMED)

Fifth Third Bancorp boosted its holdings in Globus Medical, Inc. (NYSE:GMED) by 6.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,036 shares of the medical device company’s stock after acquiring an additional 515 shares during the quarter. Fifth Third Bancorp’s holdings in Globus Medical were worth $588,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted its position in Globus Medical by 20.3% during the 1st quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company’s stock worth $111,000 after buying an additional 256 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock valued at $30,000 after acquiring an additional 240 shares during the last quarter. UMB Bank n.a. increased its stake in Globus Medical by 76.8% in the first quarter. UMB Bank n.a. now owns 969 shares of the medical device company’s stock valued at $71,000 after purchasing an additional 421 shares in the last quarter. Radnor Capital Management LLC raised its stake in Globus Medical by 4.1% during the 1st quarter. Radnor Capital Management LLC now owns 30,261 shares of the medical device company’s stock worth $2,215,000 after buying an additional 1,200 shares during the period. Finally, MRA Advisory Group acquired a new stake in shares of Globus Medical during the first quarter worth about $396,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Shares of GMED opened at $58.13 on Wednesday. Globus Medical, Inc. has a 52 week low of $54.48 and a 52 week high of $94.93. The stock has a fifty day moving average of $64.81 and a 200-day moving average of $75.99. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 1.71 and a beta of 1.20.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). The business 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 10.52% and a net margin of 7.39%. Globus Medical’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 EPS. As a group, equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its board has initiated a share buyback plan on Thursday, May 15th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on GMED shares. Barclays reaffirmed an “overweight” rating on shares of Globus Medical in a research report on Tuesday, June 10th. Wall Street Zen upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. BTIG Research restated a “neutral” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, JMP Securities restated a “market perform” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $94.00.

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.