Principal Financial Group Inc. Decreases Position in Globus Medical, Inc. (NYSE:GMED)

Principal Financial Group Inc. cut its holdings in Globus Medical, Inc. (NYSE:GMED - Free Report) by 30.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 261,452 shares of the medical device company's stock after selling 113,548 shares during the quarter. Principal Financial Group Inc. owned about 0.19% of Globus Medical worth $18,704,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GMED. Swedbank AB grew its position in Globus Medical by 15.4% during the second quarter. Swedbank AB now owns 375,000 shares of the medical device company's stock worth $25,684,000 after buying an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Globus Medical by 17.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company's stock worth $77,852,000 after buying an additional 172,605 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Globus Medical by 12.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company's stock worth $4,839,000 after buying an additional 9,754 shares during the period. Sanctuary Advisors LLC acquired a new stake in Globus Medical in the 2nd quarter valued at $611,000. Finally, Bessemer Group Inc. grew its position in Globus Medical by 26.4% in the first quarter. Bessemer Group Inc. now owns 34,951 shares of the medical device company's stock valued at $1,875,000 after acquiring an additional 7,294 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Stock Performance

Globus Medical stock remained flat at $81.10 during midday trading on Friday. 981,501 shares of the company were exchanged, compared to its average volume of 1,006,944. The firm has a 50 day simple moving average of $73.14 and a two-hundred day simple moving average of $69.33. Globus Medical, Inc. has a twelve month low of $44.02 and a twelve month high of $84.87. The stock has a market cap of $10.98 billion, a price-to-earnings ratio of 121.04, a PEG ratio of 1.97 and a beta of 1.17.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings results 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 net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period in the prior year, the business posted $0.57 EPS. The firm's revenue was up 63.1% compared to the same quarter last year. As a group, analysts forecast that Globus Medical, Inc. will post 2.98 EPS for the current year.

Analysts Set New Price Targets

GMED has been the subject of several research analyst reports. BTIG Research boosted their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, October 14th. Morgan Stanley boosted their target price on Globus Medical from $74.00 to $83.00 and gave the stock an "equal weight" rating in a research report on Monday. StockNews.com raised Globus Medical from a "hold" rating to a "buy" rating in a report on Tuesday. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Wells Fargo & Company boosted their price target on shares of Globus Medical from $78.00 to $88.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $88.18.

Insider Buying and Selling at Globus Medical

In related news, SVP Kelly Huller sold 5,000 shares of the company's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David D. Davidar sold 30,000 shares of the business's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is owned by company insiders.

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.