GAMMA Investing LLC Increases Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

GAMMA Investing LLC lifted its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 20.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,514 shares of the medical device company’s stock after buying an additional 256 shares during the period. GAMMA Investing LLC’s holdings in Globus Medical were worth $111,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GMED. SBI Securities Co. Ltd. purchased a new position in shares of Globus Medical during the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC boosted its position in Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock worth $30,000 after purchasing an additional 240 shares during the last quarter. Parallel Advisors LLC boosted its position in Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock worth $37,000 after purchasing an additional 193 shares during the last quarter. Versant Capital Management Inc boosted its position in Globus Medical by 932.1% in the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company’s stock worth $40,000 after purchasing an additional 494 shares during the last quarter. Finally, UMB Bank n.a. boosted its position 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 worth $71,000 after purchasing an additional 421 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE GMED opened at $59.10 on Monday. Globus Medical, Inc. has a one year low of $54.48 and a one year high of $94.93. The business’s fifty day moving average price is $61.38 and its 200-day moving average price is $73.72. The stock has a market capitalization of $8.00 billion, a PE ratio of 44.10, a P/E/G ratio of 1.72 and a beta of 1.19.

Globus Medical (NYSE:GMED) 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 7.39% and a return on equity of 10.52%. The company had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same quarter in the previous year, the firm posted $0.72 earnings per share. The business’s revenue for the quarter 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 EPS for the current fiscal year.

Globus Medical announced that its board has initiated a share repurchase 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 repurchase up to 6.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have weighed in on GMED. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. JMP Securities reissued a “market perform” rating on shares of Globus Medical in a research report on Tuesday, May 27th. Piper Sandler cut their price objective on Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. Truist Financial cut their price objective on Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a research report on Monday, May 12th. Finally, Wall Street Zen raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $94.00.

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.