Sherbrooke Park Advisers LLC Invests $853,000 in Globus Medical, Inc. (NYSE:GMED)

Sherbrooke Park Advisers LLC bought a new position in Globus Medical, Inc. (NYSE:GMED) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,308 shares of the medical device company’s stock, valued at approximately $853,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new stake in Globus Medical in the fourth quarter worth approximately $27,000. UMB Bank n.a. raised its position in Globus Medical by 60.2% in the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after purchasing an additional 206 shares in the last quarter. V Square Quantitative Management LLC lifted its stake in Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after purchasing an additional 197 shares during the period. First Horizon Advisors Inc. lifted its stake in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after purchasing an additional 132 shares during the period. Finally, Huntington National Bank increased its holdings in shares of Globus Medical by 47.8% during the fourth quarter. Huntington National Bank now owns 958 shares of the medical device company’s stock worth $79,000 after buying an additional 310 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Trading Down 0.7%

GMED opened at $57.76 on Friday. The stock has a market capitalization of $7.94 billion, a P/E ratio of 77.01, a P/E/G ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a 12 month low of $54.48 and a 12 month high of $94.93. The firm’s fifty day simple moving average is $70.72 and its 200 day simple moving average is $79.43.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $629.74 million. During the same quarter in the previous year, the firm posted $0.72 earnings per share. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. On average, equities research analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical announced that its Board of Directors has initiated a stock repurchase plan 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 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.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GMED. Truist Financial dropped their price objective on shares of Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a report on Monday. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Wells Fargo & Company reduced their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Barclays lifted their price target 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. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Globus Medical has a consensus 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.