Tealwood Asset Management Inc. Has $1.36 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Tealwood Asset Management Inc. decreased its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 2.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,618 shares of the medical device company’s stock after selling 496 shares during the period. Tealwood Asset Management Inc.’s holdings in Globus Medical were worth $1,363,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Globus Medical by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock worth $898,548,000 after buying an additional 240,218 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Globus Medical by 7.7% during 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 purchasing an additional 199,556 shares during the period. Burgundy Asset Management Ltd. raised its position in shares of Globus Medical by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock valued at $216,544,000 after acquiring an additional 43,330 shares during the period. Geode Capital Management LLC raised its position in shares of Globus Medical by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock valued at $156,969,000 after acquiring an additional 12,151 shares during the period. Finally, Geneva Capital Management LLC raised its position in shares of Globus Medical by 13.6% in the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock valued at $150,188,000 after acquiring an additional 217,707 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

Shares of NYSE GMED opened at $59.89 on Friday. Globus Medical, Inc. has a 52-week low of $54.48 and a 52-week high of $94.93. The company’s 50 day moving average price is $66.41 and its 200-day moving average price is $77.26. The company has a market capitalization of $8.11 billion, a P/E ratio of 79.85, a price-to-earnings-growth ratio of 1.61 and a beta of 1.20.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 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 quarter last year, the firm posted $0.72 EPS. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. Analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GMED shares. BTIG Research reissued a “neutral” rating on shares of Globus Medical in a research note on Tuesday, May 27th. 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 note on Monday, May 12th. Piper Sandler lowered their price target 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. JMP Securities reissued a “market perform” rating on shares of Globus Medical in a report on Tuesday, May 27th. Finally, Wells Fargo & Company decreased their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.