Cetera Investment Advisers Acquires 8,700 Shares of Globus Medical, Inc. (NYSE:GMED)

Cetera Investment Advisers lifted its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 105.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 16,963 shares of the medical device company’s stock after purchasing an additional 8,700 shares during the period. Cetera Investment Advisers’ holdings in Globus Medical were worth $1,242,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Burgundy Asset Management Ltd. grew its holdings in shares of Globus Medical by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock valued at $216,544,000 after purchasing an additional 43,330 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Globus Medical by 74.9% during the 4th quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company’s stock valued at $93,981,000 after purchasing an additional 486,756 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Globus Medical by 1.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,076,733 shares of the medical device company’s stock valued at $89,057,000 after buying an additional 10,989 shares during the period. RTW Investments LP purchased a new stake in Globus Medical during the 4th quarter valued at $80,394,000. Finally, Northern Trust Corp boosted its position in Globus Medical by 19.9% during the 4th quarter. Northern Trust Corp now owns 914,332 shares of the medical device company’s stock valued at $75,624,000 after buying an additional 151,454 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Up 8.8%

NYSE:GMED opened at $58.84 on Monday. The company has a 50-day moving average price of $57.08 and a 200-day moving average price of $68.26. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The stock has a market cap of $7.97 billion, a price-to-earnings ratio of 22.63, a P/E/G ratio of 1.70 and a beta of 1.20.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. The company had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. Globus Medical’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period last year, the business earned $0.75 EPS. Equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has initiated a share repurchase program on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

GMED has been the subject of several analyst reports. Wall Street Zen raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Saturday. Piper Sandler dropped their price target on shares of Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. Wells Fargo & Company dropped their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday. Canaccord Genuity Group dropped their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, July 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $87.64.

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.