HighTower Advisors LLC Grows Stake in Globus Medical, Inc. $GMED

HighTower Advisors LLC grew its holdings in Globus Medical, Inc. (NYSE:GMED) by 1.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 40,682 shares of the medical device company’s stock after acquiring an additional 680 shares during the quarter. HighTower Advisors LLC’s holdings in Globus Medical were worth $2,978,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in GMED. Berry Wealth Group LP boosted its position in shares of Globus Medical by 4.2% in the 1st quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company’s stock valued at $260,000 after purchasing an additional 144 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Globus Medical by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company’s stock valued at $479,000 after purchasing an additional 150 shares during the period. HB Wealth Management LLC boosted its position in shares of Globus Medical by 4.7% in the 1st quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock valued at $278,000 after purchasing an additional 170 shares during the period. Whittier Trust Co. boosted its position in shares of Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 184 shares during the period. Finally, Parallel Advisors LLC boosted its position in shares of Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock valued at $37,000 after purchasing an additional 193 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on GMED shares. JMP Securities reaffirmed a “market perform” rating on shares of Globus Medical in a research report on Tuesday, May 27th. Morgan Stanley cut their price target on Globus Medical from $75.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, July 15th. Truist Financial cut their price target on Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a report on Monday, May 12th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Finally, Barclays reissued an “overweight” rating on shares of Globus Medical in a research report on Tuesday, June 10th. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus target price of $87.64.

Globus Medical Stock Up 3.4%

Shares of NYSE GMED opened at $62.5440 on Friday. The stock’s 50 day moving average price is $57.30 and its two-hundred day moving average price is $66.42. Globus Medical, Inc. has a 52-week low of $51.79 and a 52-week high of $94.93. The stock has a market capitalization of $8.45 billion, a P/E ratio of 24.06, a PEG ratio of 1.69 and a beta of 1.20.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The firm had revenue of $745.34 million for the quarter, compared to analysts’ expectations of $738.91 million. During the same quarter in the prior year, the firm posted $0.75 earnings per share. Globus Medical’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, analysts anticipate 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 plan on Thursday, May 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.