4,628 Shares in Globus Medical, Inc. (NYSE:GMED) Bought by Legacy Advisors LLC

Legacy Advisors LLC purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,628 shares of the medical device company’s stock, valued at approximately $339,000.

Other large investors have also recently bought and sold shares of the company. American Century Companies Inc. boosted its stake in Globus Medical by 255.9% during the 4th quarter. American Century Companies Inc. now owns 103,833 shares of the medical device company’s stock worth $8,588,000 after purchasing an additional 74,659 shares during the period. Proficio Capital Partners LLC acquired a new stake in Globus Medical during the 4th quarter worth $1,190,000. Cetera Investment Advisers boosted its stake in Globus Medical by 13.9% during the 4th quarter. Cetera Investment Advisers now owns 8,263 shares of the medical device company’s stock worth $683,000 after purchasing an additional 1,008 shares during the period. Sei Investments Co. lifted its stake in shares of Globus Medical by 4.9% in the 4th quarter. Sei Investments Co. now owns 96,775 shares of the medical device company’s stock worth $8,004,000 after acquiring an additional 4,505 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Globus Medical by 13.1% in the fourth quarter. Ameriprise Financial Inc. now owns 141,849 shares of the medical device company’s stock valued at $11,732,000 after acquiring an additional 16,479 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Down 0.8%

Shares of NYSE GMED opened at $58.22 on Thursday. Globus Medical, Inc. has a 52 week low of $54.48 and a 52 week high of $94.93. The firm has a 50-day moving average price of $63.07 and a 200 day moving average price of $74.97. The stock has a market capitalization of $7.88 billion, a price-to-earnings ratio of 43.45, a price-to-earnings-growth ratio of 1.71 and a beta of 1.20.

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 the consensus estimate of $0.74 by ($0.06). The company had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the business earned $0.72 EPS. Equities research analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its Board of Directors has initiated a share repurchase program on Thursday, May 15th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

GMED has been the topic of a number of recent analyst reports. Truist Financial dropped their price target 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. Barclays reiterated an “overweight” rating on shares of Globus Medical in a research note on Tuesday, June 10th. BTIG Research reiterated a “neutral” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Wall Street Zen upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $94.00.

About Globus Medical

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.