Washington Trust Advisors Inc. Lowers Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Washington Trust Advisors Inc. decreased its position in shares of Globus Medical, Inc. (NYSE:GMED) by 26.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,136 shares of the medical device company’s stock after selling 9,538 shares during the period. Washington Trust Advisors Inc.’s holdings in Globus Medical were worth $1,986,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. New York State Teachers Retirement System raised its position in Globus Medical by 1.2% during the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company’s stock valued at $6,452,000 after purchasing an additional 1,027 shares in the last quarter. Wealthstar Advisors LLC purchased a new stake in Globus Medical during the first quarter valued at about $1,116,000. KBC Group NV raised its position in Globus Medical by 1.8% during the first quarter. KBC Group NV now owns 47,009 shares of the medical device company’s stock valued at $3,441,000 after purchasing an additional 826 shares in the last quarter. Sunbelt Securities Inc. raised its position in Globus Medical by 4,727.0% during the first quarter. Sunbelt Securities Inc. now owns 1,786 shares of the medical device company’s stock valued at $131,000 after purchasing an additional 1,749 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Globus Medical during the first quarter valued at about $753,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $58.54 on Monday. Globus Medical, Inc. has a 1 year low of $54.48 and a 1 year high of $94.93. The company has a market cap of $7.92 billion, a PE ratio of 43.68, a P/E/G ratio of 1.71 and a beta of 1.20. The stock’s 50-day moving average is $62.57 and its 200 day moving average is $74.52.

Globus Medical (NYSE:GMED) last announced its quarterly 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 7.39% and a return on equity of 10.52%. The business had revenue of $598.12 million for the quarter, compared to analysts’ expectations of $629.74 million. During the same quarter in the prior year, the firm earned $0.72 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. Analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical declared that its board has authorized a share repurchase program on Thursday, May 15th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the medical device company to buy up to 6.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have recently commented on GMED. Barclays reiterated an “overweight” rating on shares of Globus Medical in a report on Tuesday, June 10th. JMP Securities reiterated a “market perform” rating on shares of Globus Medical in a report on Tuesday, May 27th. BTIG Research reiterated a “neutral” rating on shares of Globus Medical in a report on Tuesday, May 27th. Wall Street Zen upgraded Globus Medical from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and an average 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.