Globus Medical, Inc. $GMED Shares Sold by NFJ Investment Group LLC

NFJ Investment Group LLC trimmed its position in Globus Medical, Inc. (NYSE:GMED) by 12.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 157,855 shares of the medical device company’s stock after selling 21,465 shares during the quarter. NFJ Investment Group LLC owned about 0.11% of Globus Medical worth $11,555,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its holdings in Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock valued at $30,000 after purchasing an additional 240 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock valued at $32,000 after purchasing an additional 393 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock valued at $37,000 after purchasing an additional 193 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company’s stock valued at $40,000 after purchasing an additional 494 shares during the last quarter. Finally, Whittier Trust Co. boosted its holdings in Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 184 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Barclays restated an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. JMP Securities restated a “market perform” rating on shares of Globus Medical in a report on Tuesday, May 27th. Canaccord Genuity Group decreased their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Finally, BTIG Research restated a “neutral” rating on shares of Globus Medical in a report on Tuesday, May 27th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.64.

Globus Medical Trading Up 2.6%

Shares of GMED opened at $60.34 on Friday. Globus Medical, Inc. has a twelve month low of $51.79 and a twelve month high of $94.93. The firm’s fifty day simple moving average is $57.79 and its 200-day simple moving average is $64.84. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of 23.21, a PEG ratio of 1.64 and a beta of 1.16.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business had revenue of $745.34 million for the quarter, compared to analyst estimates of $738.91 million. During the same period last year, the business earned $0.75 EPS. The company’s revenue was up 18.4% on a year-over-year basis. On average, analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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

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.