RTW Investments LP Takes $80.39 Million Position in Globus Medical, Inc. (NYSE:GMED)

RTW Investments LP bought a new stake in Globus Medical, Inc. (NYSE:GMED) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 972,000 shares of the medical device company’s stock, valued at approximately $80,394,000. Globus Medical accounts for approximately 1.2% of RTW Investments LP’s investment portfolio, making the stock its 28th biggest holding. RTW Investments LP owned 0.71% of Globus Medical as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its position in Globus Medical by 24.7% in the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after purchasing an additional 132 shares during the period. US Bancorp DE grew its stake in shares of Globus Medical by 3.2% in the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock worth $356,000 after acquiring an additional 135 shares in the last quarter. Berry Wealth Group LP grew its stake in shares of Globus Medical by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company’s stock worth $282,000 after acquiring an additional 164 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of Globus Medical by 5.3% in the fourth quarter. CIBC Asset Management Inc now owns 3,487 shares of the medical device company’s stock worth $288,000 after acquiring an additional 175 shares in the last quarter. Finally, Mather Group LLC. grew its stake in shares of Globus Medical by 16.3% in the fourth quarter. Mather Group LLC. now owns 1,356 shares of the medical device company’s stock worth $112,000 after acquiring an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on GMED. Barclays boosted their price target on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Wells Fargo & Company dropped their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Finally, Piper Sandler dropped their price target on shares of Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $94.00.

Globus Medical Trading Down 0.7%

Shares of Globus Medical stock opened at $57.76 on Friday. Globus Medical, Inc. has a 12-month low of $54.48 and a 12-month high of $94.93. The stock has a market cap of $7.94 billion, a PE ratio of 77.01, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The company has a 50-day moving average of $70.72 and a two-hundred day moving average of $79.43.

Globus Medical (NYSE:GMED) last issued its earnings results 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). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $598.12 million during the quarter, compared to analysts’ expectations of $629.74 million. During the same period last year, the business posted $0.72 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its board has initiated a stock buyback program on Thursday, May 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to buy up to 6.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.