PharVision Advisers LLC Takes $339,000 Position in Globus Medical, Inc. (NYSE:GMED)

by · The Markets Daily

PharVision Advisers LLC bought a new position in Globus Medical, Inc. (NYSE:GMED – Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 4,101 shares of the medical device company’s stock, valued at approximately $339,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in GMED. SBI Securities Co. Ltd. bought a new position in shares of Globus Medical in the fourth quarter valued at $27,000. UMB Bank n.a. grew its holdings in shares of Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after acquiring an additional 206 shares during the last quarter. V Square Quantitative Management LLC raised its position in shares of Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after purchasing an additional 197 shares during the period. First Horizon Advisors Inc. raised its position in shares of Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after purchasing an additional 132 shares during the period. Finally, Huntington National Bank lifted its holdings in shares of Globus Medical by 47.8% during the fourth quarter. Huntington National Bank now owns 958 shares of the medical device company’s stock valued at $79,000 after purchasing an additional 310 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Trading Down 3.8%

Shares of NYSE:GMED opened at $59.27 on Thursday. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of 79.02, a P/E/G ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a 1 year low of $54.48 and a 1 year high of $94.93. The business has a fifty day simple moving average of $69.87 and a 200 day simple moving average of $79.05.

Globus Medical (NYSE:GMED – Get Free Report) last issued its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.72 earnings per share. On average, sell-side analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its board has approved a stock buyback program on Thursday, May 15th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

GMED has been the topic of several recent analyst reports. 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 report on Friday, May 9th. Wells Fargo & Company cut their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Stifel Nicolaus upped their price target on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Truist Financial lowered their price objective on shares of 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, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $94.00.

Read Our Latest Research Report on GMED

Globus Medical Company Profile

(Free Report)

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.

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