Tealwood Asset Management Inc. Cuts Stake in Globus Medical, Inc. (NYSE:GMED)

Tealwood Asset Management Inc. cut its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 2.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 18,618 shares of the medical device company’s stock after selling 496 shares during the quarter. Tealwood Asset Management Inc.’s holdings in Globus Medical were worth $1,363,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Globus Medical by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock valued at $898,548,000 after purchasing an additional 240,218 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Globus Medical by 7.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock worth $231,946,000 after buying an additional 199,556 shares in the last quarter. Burgundy Asset Management Ltd. lifted its holdings in shares of Globus Medical by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock worth $216,544,000 after buying an additional 43,330 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Globus Medical by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock worth $156,969,000 after buying an additional 12,151 shares in the last quarter. Finally, Geneva Capital Management LLC lifted its holdings in shares of Globus Medical by 13.6% in the fourth quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock worth $150,188,000 after buying an additional 217,707 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GMED. JMP Securities reissued a “market perform” rating on shares of Globus Medical in a report on Tuesday, May 27th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. BTIG Research reissued a “neutral” rating on shares of Globus Medical in a report on Tuesday, May 27th. Truist Financial lowered their target price on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a research note on Monday, May 12th. Finally, 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. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $94.00.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $59.89 on Friday. The stock has a market capitalization of $8.11 billion, a PE ratio of 79.85, a price-to-earnings-growth ratio of 1.61 and a beta of 1.20. The company has a 50-day simple moving average of $66.41 and a two-hundred day simple moving average of $77.26. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). The company 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%. Globus Medical’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.72 EPS. As a group, equities research analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

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

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.