Primecap Management Co. CA Reduces Holdings in Globus Medical, Inc. (NYSE:GMED)

Primecap Management Co. CA lessened its holdings in Globus Medical, Inc. (NYSE:GMED) by 10.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,225 shares of the medical device company’s stock after selling 5,000 shares during the period. Primecap Management Co. CA’s holdings in Globus Medical were worth $3,410,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. SBI Securities Co. Ltd. purchased a new stake in Globus Medical in the 4th quarter valued at approximately $27,000. Quarry LP lifted its position in shares of Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after acquiring an additional 206 shares during the last quarter. V Square Quantitative Management LLC increased its position in Globus Medical by 52.0% during the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after purchasing an additional 197 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its stake in Globus Medical by 24.7% in the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after purchasing an additional 132 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GMED shares. Canaccord Genuity Group raised their price target on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Thursday, March 13th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Tuesday. Barclays raised their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, Stifel Nicolaus upped their target price on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.09.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $73.35 on Thursday. The stock has a 50-day simple moving average of $84.13 and a 200-day simple moving average of $79.75. The stock has a market capitalization of $10.09 billion, a P/E ratio of 97.80, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $646.19 million. Analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a legal filing with the SEC, which is available at this link. 18.54% of the stock is owned by corporate insiders.

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.