Oppenheimer Asset Management Inc. Has $1.91 Million Holdings in Globus Medical, Inc. (NYSE:GMED)

Oppenheimer Asset Management Inc. raised its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 8.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,097 shares of the medical device company’s stock after purchasing an additional 2,103 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Globus Medical were worth $1,910,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings 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 valued at $898,548,000 after purchasing an additional 240,218 shares during the last quarter. JPMorgan Chase & Co. increased 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 worth $231,946,000 after buying an additional 199,556 shares during the period. Burgundy Asset Management Ltd. increased its position in Globus Medical by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock worth $216,544,000 after buying an additional 43,330 shares during the period. Geode Capital Management LLC increased its position in 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 during the period. Finally, Geneva Capital Management LLC increased its position in 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 during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GMED shares. Wall Street Zen upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Piper Sandler reduced 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 note on Friday, May 9th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. BTIG Research reiterated a “neutral” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Finally, Barclays reiterated an “overweight” rating on shares of Globus Medical in a research note on Tuesday, June 10th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.00.

Globus Medical Stock Up 1.1%

NYSE GMED opened at $58.82 on Friday. The company has a market cap of $7.96 billion, a PE ratio of 43.89, a price-to-earnings-growth ratio of 1.69 and a beta of 1.20. Globus Medical, Inc. has a 52 week low of $54.48 and a 52 week high of $94.93. The firm’s 50-day simple moving average is $62.82 and its two-hundred day simple moving average is $74.80.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). The business had revenue of $598.12 million for the quarter, compared to analysts’ expectations of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. Globus Medical’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period last year, the company earned $0.72 earnings per share. As a group, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical announced that its Board of Directors has initiated a share repurchase program on Thursday, May 15th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is 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.