Principal Financial Group Inc. Has $21.56 Million Position in Globus Medical, Inc. (NYSE:GMED)

Principal Financial Group Inc. lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 0.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 260,673 shares of the medical device company’s stock after selling 779 shares during the quarter. Principal Financial Group Inc. owned approximately 0.19% of Globus Medical worth $21,560,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp raised its position in Globus Medical by 2.3% during the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after acquiring an additional 81,371 shares in the last quarter. Geode Capital Management LLC raised its position in Globus Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after acquiring an additional 21,935 shares in the last quarter. Geneva Capital Management LLC raised its position in Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after acquiring an additional 18,117 shares in the last quarter. Parsifal Capital Management LP raised its position in shares of Globus Medical by 50.5% in the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after purchasing an additional 453,053 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Globus Medical by 29.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock valued at $88,610,000 after purchasing an additional 285,172 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

GMED opened at $80.43 on Monday. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The firm’s fifty day moving average price is $86.72 and its two-hundred day moving average price is $79.16. The company has a market capitalization of $10.95 billion, a P/E ratio of 107.24, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. On average, equities research analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Insider Activity

In related news, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GMED shares. Royal Bank of Canada lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Piper Sandler lifted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Stifel Nicolaus raised their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Finally, Truist Financial raised their price objective on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average price target of $96.91.

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.