Globus Medical (NYSE:GMED) Posts Earnings Results, Beats Estimates By $0.18 EPS

Globus Medical (NYSE:GMED) released its quarterly earnings results on Tuesday. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18, Briefing.com reports. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same period in the previous year, the business posted $0.57 earnings per share. The firm’s revenue for the quarter was up 63.1% compared to the same quarter last year. Globus Medical updated its FY24 guidance to $2.90-3.00 EPS and its FY 2024 guidance to 2.900-3.000 EPS.

Globus Medical Trading Down 0.9 %

Globus Medical stock opened at $81.97 on Friday. The firm has a market capitalization of $11.10 billion, a P/E ratio of 273.23, a PEG ratio of 2.06 and a beta of 1.17. Globus Medical has a 1 year low of $43.38 and a 1 year high of $84.87. The business has a 50-day moving average of $71.92 and a 200-day moving average of $68.16.

Insider Transactions at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was 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 directly owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was 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 directly owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were 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 owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GMED shares. Wells Fargo & Company lifted their price target on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays lifted their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. BTIG Research lifted their price objective on 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 lifted their price objective on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Finally, Royal Bank of Canada lifted their price objective on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

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.