Summit Financial LLC Buys Shares of 97,987 Globus Medical, Inc. $GMED

Summit Financial LLC bought a new stake in shares of Globus Medical, Inc. (NYSE:GMED) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 97,987 shares of the medical device company’s stock, valued at approximately $7,173,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of Globus Medical by 2.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,148,379 shares of the medical device company’s stock worth $84,062,000 after purchasing an additional 25,247 shares in the last quarter. Martingale Asset Management L P purchased a new position in shares of Globus Medical during the first quarter worth about $1,321,000. Candriam S.C.A. grew its holdings in shares of Globus Medical by 38.1% during the first quarter. Candriam S.C.A. now owns 149,055 shares of the medical device company’s stock worth $10,911,000 after purchasing an additional 41,132 shares in the last quarter. EntryPoint Capital LLC purchased a new position in shares of Globus Medical during the first quarter worth about $283,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Globus Medical by 2.6% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 109,979 shares of the medical device company’s stock worth $8,050,000 after purchasing an additional 2,737 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of GMED stock opened at $60.7670 on Thursday. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The stock has a 50 day moving average price of $57.22 and a two-hundred day moving average price of $66.84. The company has a market capitalization of $8.21 billion, a P/E ratio of 23.37, a PEG ratio of 1.71 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 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 during the quarter, compared to the consensus estimate of $738.91 million. During the same quarter in the previous year, the company posted $0.75 earnings per share. The business’s revenue was up 18.4% on a year-over-year basis. As a group, equities analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 15th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the medical device company to reacquire up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GMED. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Barclays reissued an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. Wells Fargo & Company cut their price objective on Globus Medical from $76.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Truist Financial cut their target price on 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, Wall Street Zen raised Globus Medical from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.64.

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.