Bayesian Capital Management LP Makes New Investment in Globus Medical, Inc. (NYSE:GMED)

Bayesian Capital Management LP bought a new position in shares of Globus Medical, Inc. (NYSE:GMED) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 7,528 shares of the medical device company’s stock, valued at approximately $404,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vestal Point Capital LP bought a new stake in shares of Globus Medical in the fourth quarter valued at about $42,632,000. Millrace Asset Group Inc. acquired a new stake in shares of Globus Medical in the fourth quarter valued at about $2,103,000. Van ECK Associates Corp increased its position in Globus Medical by 82.6% during the fourth quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock worth $1,832,000 after buying an additional 15,552 shares during the last quarter. Leeward Investments LLC MA increased its position in Globus Medical by 27.6% during the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after buying an additional 48,047 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Globus Medical by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock worth $53,706,000 after buying an additional 60,060 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on GMED shares. Barclays boosted their price target on Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Stifel Nicolaus boosted their price objective on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. Finally, BTIG Research boosted their price objective on Globus Medical from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.30.

Globus Medical Stock Up 0.5 %

Shares of NYSE:GMED traded up $0.36 during trading on Wednesday, hitting $71.36. 49,425 shares of the company were exchanged, compared to its average volume of 1,071,502. The business’s 50 day moving average is $68.41 and its 200-day moving average is $59.24. The company has a market capitalization of $9.66 billion, a P/E ratio of 110.97, a price-to-earnings-growth ratio of 1.99 and a beta of 1.15. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $74.16.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.17. The company had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The company’s revenue for the quarter was up 119.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share. As a group, sell-side analysts anticipate that Globus Medical, Inc. will post 2.82 earnings per share for the current year.

Insider Activity at Globus Medical

In related news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the sale, the director now owns 16,419 shares of the company’s stock, valued at $1,149,330. The disclosure for this sale can be found here. Insiders sold 84,300 shares of company stock worth $5,459,813 over the last three months. Company insiders own 18.54% of the company’s stock.

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.