Charles Schwab Investment Management Inc. Sells 33,085 Shares of Globus Medical, Inc. (NYSE:GMED)

Charles Schwab Investment Management Inc. reduced its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 2.7% in the first quarter, HoldingsChannel.com reports. The firm owned 1,188,130 shares of the medical device company’s stock after selling 33,085 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Globus Medical were worth $86,971,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GMED. Farther Finance Advisors LLC increased its holdings in Globus Medical by 145.5% during the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock worth $30,000 after purchasing an additional 240 shares in the last quarter. Larson Financial Group LLC increased its holdings in Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock worth $32,000 after purchasing an additional 393 shares in the last quarter. Parallel Advisors LLC increased its holdings in Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company’s stock worth $37,000 after purchasing an additional 193 shares in the last quarter. Versant Capital Management Inc increased its holdings 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 worth $40,000 after purchasing an additional 494 shares in the last quarter. Finally, Whittier Trust Co. increased its holdings in Globus Medical by 46.5% during 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. 95.16% of the stock is owned by institutional investors.

Globus Medical Trading Up 4.0%

Globus Medical stock opened at $61.83 on Wednesday. Globus Medical, Inc. has a 12 month low of $51.79 and a 12 month high of $94.93. The business’s 50 day simple moving average is $57.13 and its 200 day simple moving average is $67.98. The company has a market cap of $8.37 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 1.65 and a beta of 1.20.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.76 by $0.10. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%. The business had revenue of $745.34 million for the quarter, compared to the consensus estimate of $738.91 million. During the same quarter in the prior year, the business earned $0.75 earnings per share. Globus Medical’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, equities research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Globus Medical declared that its board has approved a stock repurchase plan 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 buy up to 6.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Piper Sandler decreased their price objective on Globus Medical from $100.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Wall Street Zen raised Globus Medical from a “hold” rating to a “buy” rating in a report on Saturday. BTIG Research restated a “neutral” rating on shares of Globus Medical in a research note on Tuesday, May 27th. Canaccord Genuity Group cut their target price on Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.64.

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.