Globus Medical (GMED) Set to Announce Quarterly Earnings on Tuesday

Globus Medical (NYSE:GMED - Get Free Report) is scheduled to be announcing its earnings results 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.Persons interested in participating in the company's earnings conference call can do so using this link.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. During the same quarter in the previous year, the company posted $0.63 earnings per share. The firm's revenue was up 115.9% on a year-over-year basis. 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 Stock Performance

Shares of Globus Medical stock traded up $0.09 during trading hours on Tuesday, reaching $74.29. The company's stock had a trading volume of 534,198 shares, compared to its average volume of 988,496. Globus Medical has a one year low of $43.38 and a one year high of $75.98. The company's 50 day simple moving average is $71.21 and its 200 day simple moving average is $67.07. The stock has a market cap of $10.06 billion, a P/E ratio of 115.94, a price-to-earnings-growth ratio of 2.02 and a beta of 1.17.

Wall Street Analysts Forecast Growth

GMED has been the topic of several recent research reports. Barclays lifted their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an "overweight" rating in a research report on Thursday, August 8th. Morgan Stanley boosted 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. Truist Financial increased their price objective on Globus Medical from $78.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, August 7th. BTIG Research lifted their target price on Globus Medical from $77.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 14th. Finally, Wells Fargo & Company upgraded Globus Medical from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $60.00 to $78.00 in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $77.78.

Insider Activity 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 shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company's stock, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of the 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 owns 536,275 shares in the company, valued at $40,242,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

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.