Principal Financial Group Inc. Has $18.70 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Principal Financial Group Inc. reduced its holdings in Globus Medical, Inc. (NYSE:GMED) by 30.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 261,452 shares of the medical device company’s stock after selling 113,548 shares during the period. Principal Financial Group Inc.’s holdings in Globus Medical were worth $18,704,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in shares of Globus Medical in the third quarter worth $27,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Globus Medical during the second quarter valued at approximately $33,000. Farther Finance Advisors LLC raised its stake in shares of Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares in the last quarter. GAMMA Investing LLC lifted its position in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in Globus Medical during the second quarter worth $52,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Globus Medical stock opened at $81.10 on Friday. The business’s fifty day moving average is $72.94 and its two-hundred day moving average is $69.25. The firm has a market cap of $10.98 billion, a P/E ratio of 121.04, a P/E/G ratio of 1.99 and a beta of 1.17. Globus Medical, Inc. has a 52 week low of $44.02 and a 52 week high of $84.87.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. On average, equities research analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,512,850 over the last three months. 18.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GMED. Bank of America increased their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. Royal Bank of Canada raised their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Roth Mkm reiterated a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a research note on Wednesday, November 6th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, BTIG Research upped their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $88.18.

Globus Medical 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.