Globus Medical, Inc. (NYSE:GMED) Shares Sold by Compass Ion Advisors LLC

Compass Ion Advisors LLC cut its stake in Globus Medical, Inc. (NYSE:GMED) by 3.3% during the 1st quarter, Holdings Channel.com reports. The fund owned 37,119 shares of the medical device company’s stock after selling 1,250 shares during the period. Compass Ion Advisors LLC’s holdings in Globus Medical were worth $2,717,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. State of Alaska Department of Revenue raised its holdings in Globus Medical by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 13,320 shares of the medical device company’s stock valued at $975,000 after buying an additional 350 shares during the period. Janney Montgomery Scott LLC boosted its position in Globus Medical by 16.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 18,068 shares of the medical device company’s stock worth $1,323,000 after purchasing an additional 2,576 shares during the period. Exchange Traded Concepts LLC raised its position in Globus Medical by 5.7% in the first quarter. Exchange Traded Concepts LLC now owns 173,782 shares of the medical device company’s stock valued at $12,721,000 after purchasing an additional 9,357 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Globus Medical by 7.6% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 731,192 shares of the medical device company’s stock worth $53,522,000 after purchasing an additional 51,600 shares in the last quarter. Finally, Greenwood Capital Associates LLC boosted its position in shares of Globus Medical by 10.4% in the first quarter. Greenwood Capital Associates LLC now owns 10,436 shares of the medical device company’s stock worth $764,000 after buying an additional 983 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Down 1.3%

Shares of NYSE GMED opened at $57.40 on Friday. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The company has a market cap of $7.77 billion, a price-to-earnings ratio of 42.83, a P/E/G ratio of 1.67 and a beta of 1.20. The business has a fifty day simple moving average of $64.20 and a 200-day simple moving average of $75.68.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data 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). Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The company had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same quarter in the previous year, the firm posted $0.72 EPS. Globus Medical’s quarterly revenue was down 1.4% on a year-over-year basis. As a group, sell-side analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has approved a share repurchase 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 reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages recently commented on GMED. Wells Fargo & Company dropped their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. JMP Securities reissued a “market perform” rating on shares of Globus Medical in a research report on Tuesday, May 27th. Stifel Nicolaus raised their price target on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday, February 21st. Barclays reaffirmed an “overweight” rating on shares of Globus Medical in a research note on Tuesday, June 10th. Finally, Truist Financial decreased 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 report on Monday, May 12th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.