FY2024 EPS Estimates for Globus Medical Raised by Analyst

Globus Medical, Inc. (NYSE:GMED - Free Report) - Analysts at Roth Capital raised their FY2024 EPS estimates for Globus Medical in a research report issued to clients and investors on Wednesday, November 6th. Roth Capital analyst J. Wittes now anticipates that the medical device company will post earnings of $3.00 per share for the year, up from their previous forecast of $2.83. The consensus estimate for Globus Medical's current full-year earnings is $2.84 per share. Roth Capital also issued estimates for Globus Medical's Q4 2024 earnings at $0.79 EPS, Q3 2025 earnings at $0.83 EPS, FY2025 earnings at $3.36 EPS, FY2026 earnings at $4.05 EPS and FY2027 earnings at $4.42 EPS.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $625.71 million for the quarter, compared to analysts' expectations of $604.69 million. During the same period in the prior year, the firm earned $0.57 EPS. The business's revenue was up 63.1% on a year-over-year basis.

A number of other equities research analysts have also recently issued reports on GMED. Truist Financial boosted their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday, August 7th. Royal Bank of Canada boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an "outperform" rating in a report on Wednesday. BTIG Research raised their target price on shares of Globus Medical from $77.00 to $78.00 and gave the stock a "buy" rating in a report on Monday, October 14th. Morgan Stanley boosted their price target on Globus Medical from $67.00 to $71.00 and gave the company an "equal weight" rating in a research note on Monday, July 15th. Finally, Wells Fargo & Company increased their price target on Globus Medical from $78.00 to $88.00 and gave the stock an "overweight" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $87.09.

Globus Medical Price Performance

GMED traded down $1.11 during trading on Friday, hitting $80.86. The stock had a trading volume of 1,804,177 shares, compared to its average volume of 1,003,766. The company has a 50 day moving average price of $72.28 and a 200-day moving average price of $68.46. Globus Medical has a one year low of $43.38 and a one year high of $84.87. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 269.53, a P/E/G ratio of 2.06 and a beta of 1.17.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GMED. V Square Quantitative Management LLC bought a new stake in shares of Globus Medical in the 3rd quarter valued at about $27,000. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical in the second quarter valued at approximately $33,000. Farther Finance Advisors LLC increased its position in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company's stock valued at $39,000 after purchasing an additional 385 shares during the period. GAMMA Investing LLC raised its holdings in Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company's stock worth $43,000 after purchasing an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in Globus Medical during the 2nd quarter worth approximately $52,000. Institutional investors own 95.16% of the company's stock.

Insider Activity

In related news, Director Ann D. Rhoads sold 15,000 shares of the company's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the company's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company's stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,000 shares of company stock worth $8,512,850. Insiders own 18.54% of the company's stock.

Globus Medical Company 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.