Teza Capital Management LLC Makes New $721,000 Investment in Globus Medical, Inc. (NYSE:GMED)

Teza Capital Management LLC acquired a new stake in Globus Medical, Inc. (NYSE:GMED) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,712 shares of the medical device company’s stock, valued at approximately $721,000.

Other large investors also recently modified their holdings of the company. American Century Companies Inc. raised its position in shares of Globus Medical by 255.9% in the fourth quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company’s stock valued at $8,588,000 after purchasing an additional 74,659 shares during the period. bLong Financial LLC bought a new position in shares of Globus Medical in the fourth quarter valued at about $397,000. HB Wealth Management LLC bought a new position in shares of Globus Medical in the fourth quarter valued at about $301,000. Proficio Capital Partners LLC bought a new position in shares of Globus Medical in the fourth quarter valued at about $1,190,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Globus Medical by 77.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 95,898 shares of the medical device company’s stock valued at $7,932,000 after purchasing an additional 41,875 shares during the period. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Down 0.3%

Shares of Globus Medical stock opened at $61.06 on Tuesday. The company has a market capitalization of $8.40 billion, a price-to-earnings ratio of 81.41, a PEG ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a 12-month low of $54.48 and a 12-month high of $94.93. The firm’s 50-day moving average price is $70.27 and its two-hundred day moving average price is $79.31.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share (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 analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.72 earnings per share. On average, sell-side analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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

Analysts Set New Price Targets

GMED has been the topic of several research analyst reports. Barclays increased their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Wells Fargo & Company lowered 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. Piper Sandler lowered their price target on shares of Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. Finally, Stifel Nicolaus raised their price target on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and an average 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.