Pictet Asset Management Reduces Stake in Globus Medical as Company Demonstrates Strong Financial Performance

Pictet Asset Management SA, a global investment management firm, recently decreased its stake in Globus Medical, Inc. (NYSE:GMED) during the first quarter of this year. According to the company’s filing with the Securities and Exchange Commission (SEC), Pictet Asset Management SA sold 10,450 shares, resulting in a 9.1% decrease in its ownership of GMED stock. As of its most recent filing with the SEC, Pictet Asset Management SA owned approximately 103,985 shares of Globus Medical, representing 0.10% of the company’s worth at $5,890,000.

On August 3rd, Globus Medical released its latest earnings report. The medical device company reported earnings per share (EPS) of $0.63 for the quarter, surpassing analysts’ consensus estimates by $0.03. The net margin stood at 18.63%, indicating a healthy profitability rate for the company. Furthermore, Globus Medical demonstrated a return on equity of 12.13%, reflecting sound financial performance in relation to shareholders’ investments.

During the quarter under review, Globus Medical generated revenue totaling $291.62 million, outperforming analysts’ expectations which anticipated revenue of $279.54 million for that period. This positive revenue growth showcased an increase of 10.6% compared to the same quarter last year—an encouraging sign for investors and stakeholders alike.

Globus Medical specializes in developing and commercializing healthcare solutions for patients with musculoskeletal disorders both within the United States and internationally. The company provides a range of spine products designed to treat various conditions such as degenerative and congenital disorders, deformity issues, tumors, and trauma injuries. These products include traditional fusion implants like pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices.

In addition to traditional fusion implants, Globus Medical offers motion preservation technologies which aim to provide treatment options for patients seeking alternatives to fusion surgery. These technologies encompass dynamic stabilization, total disc replacement, and interspinous distraction devices. By providing these innovative solutions, Globus Medical strives to enhance patients’ quality of life by preserving their spinal motion.

The company is also engaged in the field of interventional pain management, offering solutions for the treatment of vertebral compression fractures. Lastly, Globus Medical develops regenerative biologic products including allografts and synthetic alternatives. Such biologic solutions focus on promoting tissue regeneration in the human body to support better patient outcomes.

With its dedication to advancing medical technology in the field of musculoskeletal disorders, Globus Medical continues to establish a strong presence in both domestic and international markets. Going forward, analysts predict that the company will post EPS of 2.31 for the current fiscal year—showing promising future prospects.

As of August 24, 2023, Globus Medical stands as an innovative player within the medical device industry—an industry that plays a vital role in improving patients’ lives worldwide.

Institutional Investors Show Confidence in Globus Medical as Large Investors Make Changes to Positions

August 24, 2023 – Globus Medical, Inc. (NYSE:GMED) continues to be an intriguing topic among investors as various large investors make changes to their positions in the company. Altshuler Shaham Ltd recently purchased a new position in Globus Medical during the fourth quarter, valuing it at approximately $28,000. Benjamin Edwards Inc., on the other hand, increased its position in the medical device company by 51.9% during the same period. As a result, Benjamin Edwards Inc. now owns 439 shares of Globus Medical’s stock worth $33,000 after purchasing an additional 150 shares.

Ameritas Advisory Services LLC also entered the fray by buying a new stake in Globus Medical valued at $36,000 during the first quarter of this year. Tsfg LLC followed suit and acquired a new position in shares of Globus Medical for $45,000 during the same time frame. Finally, FNY Investment Advisers LLC rounded out this chain of acquisitions by acquiring a new stake in shares of Globus Medical worth approximately $56,000.

It is important to note that institutional investors and hedge funds collectively own a substantial portion of Globus Medical’s stock – precisely 73.70%. Undoubtedly, this level of ownership speaks volumes about the confidence these entities have placed in the company.

On August 24th, NYSE:GMED opened at $54.04 per share. In terms of its yearly performance range, Globus Medical has seen its stock fluctuate between a low of $50.92 and a high of $80.04 within the last twelve months alone. The firm currently maintains a 50-day moving average of $58.68 and a 200-day moving average of $57.78.

With regards to market capitalization figures, Globus Medical has reached an impressive amounting up to $5.43 billion. The stock’s price-to-earnings (P/E) ratio stands at 26.89, while its price-to-earnings-growth (PEG) ratio is at 2.08 – both indicators that investors closely monitor when considering potential investments. Additionally, the stock carries a beta of 1.06, further highlighting its market volatility.

Various research analysts have recently released reports on GMED shares. StockNews.com initiated coverage on Globus Medical and issued a “hold” rating for the company in their research report on August 17th. Wells Fargo & Company raised their price objective from $61.00 to $63.00 and assigned an “equal weight” rating to Globus Medical on August 4th. Truist Financial, however, decreased their price objective for the stock from $68.00 to $65.00 while maintaining a “hold” rating on August 7th.

Barclays provided a more positive outlook by increasing their price objective for Globus Medical from $75.00 to $77.00 and granting the company an “overweight” rating on August 7th.

In total, one equities research analyst has rated the stock as a sell, eight have listed it as hold, and three have recommended it as buy, according to data from Bloomberg.com.

Investors are now eagerly awaiting our latest stock report on GMED for more insights into this ongoing development in the medical device industry.