Primecap Management Co. CA Has $3.31 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Primecap Management Co. CA lowered its stake in Globus Medical, Inc. (NYSE:GMED) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 46,225 shares of the medical device company’s stock after selling 1,300 shares during the quarter. Primecap Management Co. CA’s holdings in Globus Medical were worth $3,307,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Intech Investment Management LLC lifted its position in Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after acquiring an additional 15,283 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in shares of Globus Medical by 7.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 387,737 shares of the medical device company’s stock valued at $27,739,000 after purchasing an additional 26,047 shares during the period. Pathstone Holdings LLC lifted its holdings in shares of Globus Medical by 2.6% in the third quarter. Pathstone Holdings LLC now owns 41,007 shares of the medical device company’s stock valued at $2,934,000 after purchasing an additional 1,055 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Globus Medical during the third quarter worth about $523,000. Finally, Sheaff Brock Investment Advisors LLC grew its holdings in shares of Globus Medical by 0.8% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock worth $2,792,000 after buying an additional 321 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

Globus Medical stock opened at $84.72 on Friday. The stock has a 50-day simple moving average of $74.76 and a 200 day simple moving average of $70.69. The stock has a market capitalization of $11.54 billion, a P/E ratio of 126.45, a PEG 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 $85.30.

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

Insiders Place Their Bets

In other news, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock valued at $8,512,850 over the last ninety days. 18.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Royal Bank of Canada boosted their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their price objective on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Roth Mkm reiterated a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. Piper Sandler increased their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Finally, Truist Financial raised their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.