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

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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. bought a new position in Globus Medical during the third quarter worth about $197,000. Benjamin Edwards Inc. boosted its holdings in Globus Medical by 51.9% during the fourth quarter. Benjamin Edwards Inc. now owns 439 shares of the medical device company’s stock worth $33,000 after buying an additional 150 shares during the last quarter. Ronald Blue Trust Inc. boosted its holdings in Globus Medical by 160.1% during the fourth quarter. Ronald Blue Trust Inc. now owns 450 shares of the medical device company’s stock worth $27,000 after buying an additional 277 shares during the last quarter. Financial Advocates Investment Management bought a new position in Globus Medical during the third quarter worth about $200,000. Finally, Covestor Ltd boosted its holdings in Globus Medical by 86.5% during the first quarter. Covestor Ltd now owns 785 shares of the medical device company’s stock worth $58,000 after buying an additional 364 shares during the last quarter. Institutional investors own 74.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GMED shares. Barclays cut their price objective on Globus Medical from $82.00 to $75.00 in a report on Wednesday, February 22nd. Canaccord Genuity Group reiterated a “buy” rating and set a $67.00 price objective on shares of Globus Medical in a report on Tuesday, March 28th. Truist Financial cut Globus Medical from a “buy” rating to a “hold” rating and cut their price objective for the company from $85.00 to $70.00 in a report on Friday, February 10th. Loop Capital cut Globus Medical from a “buy” rating to a “hold” rating and cut their price objective for the company from $90.00 to $70.00 in a report on Friday, February 10th. Finally, Needham & Company LLC cut Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, February 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Hold” and an average target price of $70.50.

Insiders Place Their Bets

In other Globus Medical news, Director Dan Lemaitre sold 43,450 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $56.98, for a total transaction of $2,475,781.00. Following the transaction, the director now owns 10,800 shares of the company’s stock, valued at approximately $615,384. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 24.41% of the company’s stock.

Globus Medical Stock Performance

NYSE GMED opened at $56.16 on Friday. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 28.51, a PEG ratio of 1.92 and a beta of 1.06. The stock’s 50 day moving average price is $56.17 and its two-hundred day moving average price is $64.62. Globus Medical, Inc. has a 52 week low of $50.92 and a 52 week high of $80.04.

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

About Globus Medical

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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.