Primecap Management Co. CA Sells 1,800 Shares of Globus Medical, Inc. (NYSE:GMED)

Primecap Management Co. CA lessened its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 3.6% during the second quarter, according to its most recent filing 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.

Several other institutional investors and hedge funds have also bought and sold shares of GMED. Vanguard Group Inc. boosted its position in shares of Globus Medical by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after purchasing an additional 32,220 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Globus Medical by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 3,016,702 shares of the medical device company’s stock worth $161,816,000 after buying an additional 110,912 shares during the period. Wellington Management Group LLP boosted its holdings in Globus Medical by 9.5% in the fourth quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after acquiring an additional 252,510 shares in the last quarter. Champlain Investment Partners LLC grew its stake in Globus Medical by 25.2% in the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock valued at $134,335,000 after acquiring an additional 503,745 shares during the period. Finally, Burgundy Asset Management Ltd. increased its holdings in shares of Globus Medical by 46.1% during the first quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock valued at $133,018,000 after acquiring an additional 782,285 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on GMED shares. BTIG Research increased their target price on Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Truist Financial lifted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $60.00 to $78.00 in a report on Wednesday, August 7th. Barclays raised their price target 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, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.20.

Insider Activity at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated 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 of the company’s stock, valued at approximately $3,017,318.24. The sale was disclosed in a legal filing with the SEC, which is available at 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 transaction of $70,000.00. Following the transaction, the director now owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Globus Medical Stock Up 0.3 %

Globus Medical stock opened at $69.58 on Thursday. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $74.21. The company’s 50 day moving average price is $70.89 and its two-hundred day moving average price is $63.32. The stock has a market cap of $9.42 billion, a P/E ratio of 108.72, a P/E/G ratio of 1.91 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.07. The business had revenue of $629.69 million for 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%. The business’s revenue was up 115.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.63 earnings per share. On average, equities analysts anticipate that Globus Medical, Inc. will post 2.84 EPS for the current year.

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.