Principal Financial Group Inc. Acquires 3,305 Shares of Globus Medical, Inc. (NYSE:GMED)

Principal Financial Group Inc. grew its holdings in Globus Medical, Inc. (NYSE:GMED – Get Rating) by 1.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 303,597 shares of the medical device company’s stock after acquiring an additional 3,305 shares during the quarter. Principal Financial Group Inc. owned 0.30% of Globus Medical worth $22,548,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Financial Gravity Asset Management Inc. bought a new stake in shares of Globus Medical in the third quarter valued at approximately $197,000. Benjamin Edwards Inc. boosted its position in shares of Globus Medical by 51.9% in the fourth quarter. Benjamin Edwards Inc. now owns 439 shares of the medical device company’s stock valued at $33,000 after acquiring an additional 150 shares during the period. Ronald Blue Trust Inc. lifted its position in Globus Medical by 160.1% in the fourth quarter. Ronald Blue Trust Inc. now owns 450 shares of the medical device company’s stock worth $27,000 after purchasing an additional 277 shares during the period. Financial Advocates Investment Management bought a new position in Globus Medical in the third quarter worth $200,000. Finally, Covestor Ltd lifted its position in Globus Medical by 86.5% in the first quarter. Covestor Ltd now owns 785 shares of the medical device company’s stock worth $58,000 after purchasing an additional 364 shares during the period. 74.23% of the stock is owned by institutional investors.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $56.16 on Friday. Globus Medical, Inc. has a twelve month low of $50.92 and a twelve month high of $80.04. The firm has a market cap of $5.63 billion, a PE ratio of 28.51, a price-to-earnings-growth ratio of 1.92 and a beta of 1.06. The business has a fifty day moving average of $56.17 and a 200-day moving average of $64.62.

Globus Medical (NYSE:GMED – Get Rating) last announced its earnings results on Thursday, May 4th. The medical device company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.02. Globus Medical had a return on equity of 12.26% and a net margin of 18.82%. The company had revenue of $276.90 million during the quarter, compared to analyst estimates of $254.05 million. During the same period last year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. On average, analysts anticipate that Globus Medical, Inc. will post 2.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GMED has been the subject of several research reports. Piper Sandler cut Globus Medical from an “overweight” rating to a “neutral” rating in a research report on Thursday, February 9th. Wells Fargo & Company reduced their target price on Globus Medical from $67.00 to $61.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 22nd. Truist Financial cut Globus Medical from a “buy” rating to a “hold” rating and reduced their target price for the stock from $85.00 to $70.00 in a research report on Friday, February 10th. BTIG Research lowered Globus Medical from a “buy” rating to a “neutral” rating in a research note on Thursday, February 9th. Finally, Needham & Company LLC lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, February 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $70.50.

Insider Activity

In other news, Director Dan Lemaitre sold 43,450 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $56.98, for a total value of $2,475,781.00. Following the completion of the sale, the director now directly owns 10,800 shares in the company, valued at $615,384. The sale was disclosed in a filing with the SEC, which is accessible through this link. 24.41% of the stock is currently owned by corporate insiders.

Globus Medical Company Profile

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.