PharVision Advisers LLC Makes New $339,000 Investment in Globus Medical, Inc. (NYSE:GMED)

PharVision Advisers LLC purchased a new position in Globus Medical, Inc. (NYSE:GMED) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,101 shares of the medical device company’s stock, valued at approximately $339,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in GMED. Vanguard Group Inc. raised its stake in shares of Globus Medical by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock valued at $898,548,000 after acquiring an additional 240,218 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Globus Medical by 7.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock worth $231,946,000 after purchasing an additional 199,556 shares during the period. Geode Capital Management LLC grew its holdings in Globus Medical by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock valued at $156,969,000 after purchasing an additional 12,151 shares during the last quarter. Geneva Capital Management LLC raised its position in shares of Globus Medical by 13.6% in the fourth quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock valued at $150,188,000 after purchasing an additional 217,707 shares during the period. Finally, Norges Bank bought a new position in shares of Globus Medical in the fourth quarter valued at approximately $117,102,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Trading Down 3.8%

GMED stock opened at $59.27 on Thursday. The stock has a 50-day moving average price of $69.87 and a two-hundred day moving average price of $79.05. Globus Medical, Inc. has a 1 year low of $54.48 and a 1 year high of $94.93. The stock has a market cap of $8.15 billion, a PE ratio of 79.02, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED) last announced 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 firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. During the same period in the prior year, the business posted $0.72 EPS. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, analysts forecast 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 approved a share buyback program on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Barclays upped their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Stifel Nicolaus upped 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. Truist Financial lowered their price target on Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a research report on Monday, May 12th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Finally, Wells Fargo & Company cut their price objective on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.