Select Equity Group L.P. Sells 656,214 Shares of Globus Medical, Inc. (NYSE:GMED)

Select Equity Group L.P. decreased its holdings in Globus Medical, Inc. (NYSE:GMED) by 51.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 626,640 shares of the medical device company’s stock after selling 656,214 shares during the quarter. Select Equity Group L.P.’s holdings in Globus Medical were worth $51,829,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in 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. lifted its position in Globus Medical by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock valued at $231,946,000 after acquiring an additional 199,556 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Globus Medical by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock worth $156,969,000 after buying an additional 12,151 shares in the last quarter. Geneva Capital Management LLC lifted its position in shares of Globus Medical by 13.6% during the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock worth $150,188,000 after buying an additional 217,707 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Globus Medical during the 4th quarter worth approximately $117,102,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Up 6.0%

NYSE:GMED opened at $61.29 on Friday. The stock has a market capitalization of $8.43 billion, a PE ratio of 81.72, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. The firm’s 50 day moving average is $70.47 and its 200 day moving average is $79.34. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93.

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 business had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same period in the previous year, the firm earned $0.72 EPS. The company’s revenue was down 1.4% compared to the same quarter last year. Research analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on GMED shares. Piper Sandler dropped their target price on shares of Globus Medical from $100.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. 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. Truist Financial dropped their target price on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating on the stock in a research report on Monday, May 12th. StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.00.

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.