Envestnet Asset Management Inc. Acquires 136,955 Shares of Globus Medical, Inc. (NYSE:GMED)

Envestnet Asset Management Inc. raised its holdings in Globus Medical, Inc. (NYSE:GMED) by 49.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 413,366 shares of the medical device company’s stock after acquiring an additional 136,955 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.30% of Globus Medical worth $30,258,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Globus Medical in the 4th quarter worth $117,102,000. RTW Investments LP bought a new stake in shares of Globus Medical in the fourth quarter valued at about $80,394,000. Iron Triangle Partners LP purchased a new stake in Globus Medical in the fourth quarter worth about $69,808,000. Polar Capital Holdings Plc purchased a new stake in Globus Medical in the fourth quarter worth about $63,762,000. Finally, Driehaus Capital Management LLC bought a new position in Globus Medical during the 4th quarter worth about $45,138,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $57.41 on Tuesday. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of 42.85, a PEG ratio of 1.66 and a beta of 1.19. The stock’s 50-day simple moving average is $59.62 and its 200-day simple moving average is $72.61.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share 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 analysts’ expectations of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. Globus Medical’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm earned $0.72 earnings per share. As a group, equities analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical declared that its board has authorized a stock repurchase plan on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Globus Medical in a research report on Tuesday, May 27th. Barclays restated an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. Wall Street Zen raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Finally, Truist Financial decreased their price objective on Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a research note on Monday, May 12th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.