Globus Medical, Inc. (NYSE:GMED) Position Lessened by Paradigm Capital Management Inc. NY

Paradigm Capital Management Inc. NY trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 949,300 shares of the medical device company’s stock after selling 22,100 shares during the quarter. Globus Medical comprises about 3.6% of Paradigm Capital Management Inc. NY’s holdings, making the stock its 8th largest position. Paradigm Capital Management Inc. NY’s holdings in Globus Medical were worth $78,517,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its holdings in shares of Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after acquiring an additional 132 shares during the last quarter. US Bancorp DE raised its position in Globus Medical by 3.2% during the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock valued at $356,000 after purchasing an additional 135 shares in the last quarter. Berry Wealth Group LP raised its position in Globus Medical by 5.1% during the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company’s stock valued at $282,000 after purchasing an additional 164 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Globus Medical by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 3,487 shares of the medical device company’s stock worth $288,000 after purchasing an additional 175 shares during the last quarter. Finally, Mather Group LLC. boosted its holdings in shares of Globus Medical by 16.3% in the 4th quarter. Mather Group LLC. now owns 1,356 shares of the medical device company’s stock worth $112,000 after purchasing an additional 190 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Performance

NYSE:GMED opened at $61.06 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 cap of $8.40 billion, a PE ratio of 81.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The business has a 50 day moving average price of $70.27 and a 200-day moving average price of $79.31.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 earnings per share. Research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its Board of Directors has authorized a share buyback 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 repurchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GMED. Stifel Nicolaus raised their price objective on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday, February 21st. Wells Fargo & Company reduced their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Truist Financial cut their price objective on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a research note on Monday, May 12th. Finally, StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.