Globus Medical, Inc. (NYSE:GMED) Shares Sold by MidWestOne Financial Group Inc.

MidWestOne Financial Group Inc. trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 5.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,404 shares of the medical device company’s stock after selling 192 shares during the period. MidWestOne Financial Group Inc.’s holdings in Globus Medical were worth $282,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Norges Bank acquired a new position in Globus Medical during the fourth quarter worth about $117,102,000. RTW Investments LP purchased a new position in Globus Medical in the 4th quarter valued at approximately $80,394,000. Iron Triangle Partners LP acquired a new position in Globus Medical during the fourth quarter worth $69,808,000. Polar Capital Holdings Plc purchased a new stake in Globus Medical during the fourth quarter worth $63,762,000. Finally, Raymond James Financial Inc. purchased a new stake in Globus Medical during the fourth quarter worth $58,405,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Shares of GMED opened at $59.27 on Thursday. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The company has a market capitalization of $8.15 billion, a PE ratio of 79.02, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The stock has a fifty day moving average of $69.87 and a two-hundred day moving average of $79.05.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data 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 business had revenue of $598.12 million during the quarter, compared to analysts’ expectations of $629.74 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. During the same period in the prior year, the firm earned $0.72 EPS. Globus Medical’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, equities research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical announced that its board has initiated a share repurchase 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 repurchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler dropped their price target on Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. Barclays raised their target price on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 24th. StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Finally, Stifel Nicolaus upped their target price on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.00.

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.