PNC Financial Services Group Inc. Acquires 1,064 Shares of Globus Medical, Inc. (NYSE:GMED)

PNC Financial Services Group Inc. boosted its holdings in Globus Medical, Inc. (NYSE:GMED) by 12.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,421 shares of the medical device company’s stock after acquiring an additional 1,064 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Globus Medical were worth $690,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GMED. RTW Investments LP bought a new stake in Globus Medical during the fourth quarter worth about $80,394,000. Iron Triangle Partners LP bought a new stake in Globus Medical during the fourth quarter worth about $69,808,000. Polar Capital Holdings Plc bought a new stake in Globus Medical during the fourth quarter worth about $63,762,000. Driehaus Capital Management LLC bought a new stake in Globus Medical during the fourth quarter worth about $45,138,000. Finally, Marshall Wace LLP grew its stake in Globus Medical by 74.9% during the fourth quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company’s stock worth $93,981,000 after buying an additional 486,756 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

GMED opened at $61.83 on Wednesday. The company has a market cap of $8.37 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 1.65 and a beta of 1.20. The firm has a 50 day simple moving average of $57.13 and a 200 day simple moving average of $67.98. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93.

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

Globus Medical announced that its Board of Directors has initiated a stock buyback program on Thursday, May 15th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the medical device company to buy up to 6.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have weighed in on GMED shares. Morgan Stanley decreased their price objective on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 15th. Wall Street Zen upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Saturday. Barclays reiterated an “overweight” rating on shares of Globus Medical in a research report on Tuesday, June 10th. BTIG Research reiterated a “neutral” rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Wells Fargo & Company reduced their target price on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.64.

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.