Primecap Management Co. CA Trims Position in Globus Medical, Inc. (NYSE:GMED)

Primecap Management Co. CA cut its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 3.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,525 shares of the medical device company’s stock after selling 1,800 shares during the period. Primecap Management Co. CA’s holdings in Globus Medical were worth $3,255,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Montag & Caldwell LLC increased its holdings in Globus Medical by 30.5% during the 2nd quarter. Montag & Caldwell LLC now owns 19,374 shares of the medical device company’s stock worth $1,327,000 after acquiring an additional 4,528 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Globus Medical by 5.2% in the second quarter. Envestnet Asset Management Inc. now owns 266,207 shares of the medical device company’s stock worth $18,232,000 after purchasing an additional 13,221 shares during the period. Oppenheimer Asset Management Inc. raised its position in shares of Globus Medical by 13.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 25,110 shares of the medical device company’s stock worth $1,720,000 after buying an additional 3,059 shares in the last quarter. Schiavi & Co LLC purchased a new stake in shares of Globus Medical in the second quarter worth $205,000. Finally, American Century Companies Inc. boosted its stake in Globus Medical by 5.7% during the second quarter. American Century Companies Inc. now owns 26,625 shares of the medical device company’s stock valued at $1,824,000 after buying an additional 1,442 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Globus Medical

In related news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares in the company, valued at approximately $1,149,330. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Globus Medical Stock Up 0.3 %

NYSE GMED opened at $69.58 on Thursday. The company has a 50-day simple moving average of $70.89 and a two-hundred day simple moving average of $63.32. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $74.21. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 108.72, a PEG ratio of 1.91 and a beta of 1.17.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.63 EPS. Equities analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GMED has been the topic of several recent analyst reports. Royal Bank of Canada raised their price target on Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Morgan Stanley raised their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Truist Financial boosted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Barclays raised their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, BTIG Research upped their target price on shares of Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.20.

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.