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

Primecap Management Co. CA trimmed its position in Globus Medical, Inc. (NYSE:GMED) by 2.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 hedge funds and other institutional investors have also recently bought and sold shares of GMED. Gamco Investors INC. ET AL raised its stake in shares of Globus Medical by 0.4% in the 1st quarter. Gamco Investors INC. ET AL now owns 139,320 shares of the medical device company’s stock valued at $7,473,000 after buying an additional 616 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Globus Medical by 7.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,151,660 shares of the medical device company’s stock valued at $61,776,000 after acquiring an additional 81,944 shares during the period. Public Employees Retirement Association of Colorado raised its position in Globus Medical by 2,272.1% in the first quarter. Public Employees Retirement Association of Colorado now owns 311,285 shares of the medical device company’s stock worth $16,697,000 after purchasing an additional 298,162 shares in the last quarter. Bayesian Capital Management LP bought a new position in Globus Medical during the first quarter worth about $404,000. Finally, Kingdon Capital Management L.L.C. acquired a new stake in Globus Medical during the first quarter valued at approximately $10,240,000. 95.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on GMED. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday. Roth Mkm reissued a “buy” rating and set a $100.00 price objective on shares of Globus Medical in a report on Wednesday, November 6th. Morgan Stanley boosted their target price on shares of Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Truist Financial increased their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $88.18.

Insiders Place Their Bets

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction dated 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 SEC, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were 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. In the last three months, insiders sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is currently owned by insiders.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $84.72 on Friday. The firm has a market cap of $11.54 billion, a P/E ratio of 126.45, a P/E/G ratio of 1.99 and a beta of 1.17. The firm has a 50 day simple moving average of $74.76 and a 200 day simple moving average of $70.69. Globus Medical, Inc. has a fifty-two week low of $44.02 and a fifty-two week high of $85.30.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same period last year, the company earned $0.57 EPS. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, sell-side analysts expect that Globus Medical, Inc. will post 2.98 EPS for the current year.

About Globus Medical

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.