Principal Financial Group Inc. Lowers Stock Holdings in Globus Medical, Inc. $GMED

Principal Financial Group Inc. lowered its position in shares of Globus Medical, Inc. (NYSE:GMED) by 2.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 250,255 shares of the medical device company’s stock after selling 5,816 shares during the period. Principal Financial Group Inc. owned about 0.19% of Globus Medical worth $14,332,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in shares of Globus Medical by 74.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after buying an additional 197 shares in the last quarter. Advisors Asset Management Inc. bought a new position in Globus Medical during the second quarter valued at approximately $28,000. First Horizon Corp purchased a new position in shares of Globus Medical during the third quarter worth approximately $31,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Globus Medical during the third quarter worth approximately $36,000. Finally, CENTRAL TRUST Co bought a new stake in shares of Globus Medical in the 2nd quarter worth approximately $39,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Price Performance

GMED opened at $88.57 on Wednesday. Globus Medical, Inc. has a one year low of $51.79 and a one year high of $101.40. The business has a 50 day simple moving average of $89.77 and a two-hundred day simple moving average of $73.32. The firm has a market capitalization of $11.85 billion, a price-to-earnings ratio of 28.57, a PEG ratio of 1.34 and a beta of 1.06.

Insider Buying and Selling

In other Globus Medical news, CFO Kyle Kline sold 3,594 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $363,353.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kelly Huller sold 7,500 shares of Globus Medical stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $90.00, for a total transaction of $675,000.00. The SEC filing for this sale provides additional information. Insiders sold 31,636 shares of company stock valued at $2,909,333 over the last quarter. 18.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on GMED shares. Morgan Stanley increased their target price on shares of Globus Medical from $70.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Bank of America raised Globus Medical from a “neutral” rating to a “buy” rating and raised their price objective for the company from $65.00 to $91.00 in a research note on Friday, November 7th. Wall Street Zen raised Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 3rd. Truist Financial restated a “buy” rating and set a $105.00 target price (up from $93.00) on shares of Globus Medical in a report on Tuesday, November 18th. Finally, Barclays lifted their price target on Globus Medical from $106.00 to $114.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $100.18.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.