Globus Medical (GMED) Set to Announce Earnings on Tuesday

Globus Medical (NYSE:GMED) will be issuing its quarterly earnings data after the market closes on Tuesday, November 5th. Analysts expect the company to announce earnings of $0.65 per share for the quarter. Globus Medical has set its FY24 guidance at $2.80-2.90 EPS and its FY 2024 guidance at 2.800-2.900 EPS.Individual that wish to listen to the company’s earnings conference call can do so using this link.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. Globus Medical’s revenue for the quarter was up 115.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 EPS. On average, analysts expect Globus Medical to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Globus Medical Trading Up 1.8 %

Shares of NYSE:GMED opened at $74.88 on Friday. Globus Medical has a 1 year low of $43.38 and a 1 year high of $75.98. The firm has a fifty day moving average price of $71.56 and a 200 day moving average price of $67.60. The stock has a market capitalization of $10.14 billion, a PE ratio of 249.60, a P/E/G ratio of 2.03 and a beta of 1.17.

Insiders Place Their Bets

In related news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on GMED. Barclays lifted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $60.00 to $78.00 in a research note on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Royal Bank of Canada raised their target price on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Finally, BTIG Research upped their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.78.

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.