Nomura Holdings Inc. Takes Position in Globus Medical, Inc. (NYSE:GMED)

Nomura Holdings Inc. bought a new stake in Globus Medical, Inc. (NYSE:GMED) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 20,182 shares of the medical device company’s stock, valued at approximately $1,669,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in Globus Medical during the fourth quarter worth about $117,102,000. Iron Triangle Partners LP purchased a new stake in Globus Medical during the fourth quarter worth about $69,808,000. Raymond James Financial Inc. purchased a new stake in Globus Medical during the fourth quarter worth about $58,405,000. Driehaus Capital Management LLC purchased a new stake in Globus Medical during the fourth quarter worth about $45,138,000. Finally, Marshall Wace LLP boosted its holdings in Globus Medical by 74.9% during the fourth quarter. Marshall Wace LLP now owns 1,136,266 shares of the medical device company’s stock worth $93,981,000 after buying an additional 486,756 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

NYSE:GMED opened at $61.29 on Friday. The firm has a 50 day simple moving average of $70.47 and a 200-day simple moving average of $79.37. The firm has a market cap of $8.43 billion, a PE ratio of 81.72, a P/E/G ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a 1-year low of $54.48 and a 1-year high of $94.93.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.72 EPS. As a group, sell-side analysts expect that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has authorized a share repurchase plan on Thursday, May 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the medical device company to reacquire up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GMED. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Truist Financial cut their target price on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a research report on Monday, May 12th. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Barclays lifted their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Finally, Wells Fargo & Company cut their target price on shares of 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 analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $94.00.

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.