Point72 Asset Management L.P. Boosts Holdings in Globus Medical, Inc. (NYSE:GMED)

Point72 Asset Management L.P. grew its holdings in Globus Medical, Inc. (NYSE:GMED) by 306.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 591,747 shares of the medical device company’s stock after purchasing an additional 446,166 shares during the period. Point72 Asset Management L.P.’s holdings in Globus Medical were worth $48,943,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in shares of Globus Medical in the 4th quarter valued at $27,000. UMB Bank n.a. raised its stake in shares of Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after acquiring an additional 206 shares during the period. V Square Quantitative Management LLC raised its stake in shares of Globus Medical by 52.0% in the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock valued at $48,000 after acquiring an additional 197 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Globus Medical by 24.7% in the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after acquiring an additional 132 shares during the period. Finally, Huntington National Bank raised its stake in shares of Globus Medical by 47.8% in the 4th quarter. Huntington National Bank now owns 958 shares of the medical device company’s stock valued at $79,000 after acquiring an additional 310 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

GMED has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Barclays lifted their price objective on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research note on Monday. Piper Sandler lowered their price objective 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. Finally, Stifel Nicolaus raised their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Three equities 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 price target of $94.00.

Globus Medical Stock Performance

GMED stock opened at $57.76 on Friday. The company’s 50 day moving average price is $70.72 and its 200 day moving average price is $79.43. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of 77.01, a PEG ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED) last issued its earnings results 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 firm had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.72 EPS. Equities analysts forecast that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its board has authorized a stock 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 reacquire up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership 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.