Nicolet Advisory Services LLC Purchases 2,152 Shares of Globus Medical, Inc. (NYSE:GMED)

Nicolet Advisory Services LLC lifted its holdings in Globus Medical, Inc. (NYSE:GMED) by 25.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,536 shares of the medical device company’s stock after buying an additional 2,152 shares during the quarter. Nicolet Advisory Services LLC’s holdings in Globus Medical were worth $748,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC increased its holdings in shares of Globus Medical by 145.5% during the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock valued at $30,000 after acquiring an additional 240 shares in the last quarter. Larson Financial Group LLC lifted its position in Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock valued at $32,000 after acquiring an additional 393 shares in the last quarter. Parallel Advisors LLC lifted its position in Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock valued at $37,000 after acquiring an additional 193 shares in the last quarter. Versant Capital Management Inc boosted its stake in Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company’s stock valued at $40,000 after purchasing an additional 494 shares during the last quarter. Finally, Whittier Trust Co. increased its holdings in shares of Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock worth $42,000 after purchasing an additional 184 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on GMED. Barclays restated an “overweight” rating on shares of Globus Medical in a research note on Tuesday, June 10th. Truist Financial decreased their target price on Globus Medical from $80.00 to $68.00 and set a “hold” rating for the company in a research report on Monday, May 12th. Canaccord Genuity Group dropped their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, July 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Finally, Piper Sandler lowered their price objective 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. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $90.09.

Globus Medical Trading Down 0.1%

Shares of NYSE GMED opened at $52.60 on Friday. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of 39.25, a price-to-earnings-growth ratio of 1.54 and a beta of 1.20. The firm has a 50 day moving average of $57.54 and a 200 day moving average of $69.85.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. 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 business earned $0.72 EPS. The company’s revenue was down 1.4% compared to the same quarter last year. Sell-side analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical declared that its board has authorized a share buyback plan on Thursday, May 15th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.