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

Primecap Management Co. CA cut its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 10.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,225 shares of the medical device company's stock after selling 5,000 shares during the quarter. Primecap Management Co. CA's holdings in Globus Medical were worth $3,410,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in Globus Medical during the 4th quarter valued at about $27,000. Quarry LP boosted its position in 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 buying an additional 433 shares during the last quarter. UMB Bank n.a. increased its holdings in Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company's stock worth $45,000 after buying an additional 206 shares during the period. V Square Quantitative Management LLC raised 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 buying an additional 197 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock valued at $55,000 after acquiring an additional 132 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the firm's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 18.54% of the stock is owned by company insiders.

Globus Medical Stock Performance

Globus Medical stock traded up $2.43 during trading on Monday, reaching $76.02. The company had a trading volume of 1,439,675 shares, compared to its average volume of 996,029. The firm has a market capitalization of $10.46 billion, a PE ratio of 101.36, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. The firm's 50-day simple moving average is $83.61 and its 200 day simple moving average is $79.83. Globus Medical, Inc. has a 1-year low of $49.33 and a 1-year high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating 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 business had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

Wall Street Analyst Weigh In

GMED has been the topic of a number of research reports. Bank of America upgraded shares of Globus Medical from an "underperform" rating to a "neutral" rating and increased their price objective for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. Canaccord Genuity Group increased their price target on Globus Medical from $92.00 to $101.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. StockNews.com downgraded Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday. Finally, Wells Fargo & Company reduced their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $97.09.

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.