FY2024 EPS Estimates for Globus Medical Increased by Analyst

Globus Medical, Inc. (NYSE:GMED - Free Report) - Analysts at Roth Capital boosted their FY2024 earnings estimates for shares of Globus Medical in a research report issued on Friday, January 10th. Roth Capital analyst J. Wittes now anticipates that the medical device company will post earnings per share of $3.03 for the year, up from their prior estimate of $3.00. The consensus estimate for Globus Medical's current full-year earnings is $2.97 per share. Roth Capital also issued estimates for Globus Medical's Q4 2024 earnings at $0.82 EPS, Q2 2025 earnings at $0.86 EPS, Q4 2025 earnings at $1.01 EPS, FY2025 earnings at $3.50 EPS, FY2026 earnings at $4.33 EPS and FY2027 earnings at $4.80 EPS.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter last year, the business earned $0.57 earnings per share. The company's revenue for the quarter was up 63.1% compared to the same quarter last year.

A number of other research firms have also issued reports on GMED. Canaccord Genuity Group upped their target price on shares of Globus Medical from $92.00 to $101.00 and gave the stock a "buy" rating in a report on Friday. Roth Mkm upped their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, December 17th. BTIG Research raised their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Truist Financial boosted their price target on shares of Globus Medical from $85.00 to $90.00 and gave the company a "hold" rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley upgraded shares of Globus Medical from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $96.91.

Globus Medical Stock Performance

Shares of NYSE:GMED traded down $0.02 during trading on Monday, reaching $87.05. The stock had a trading volume of 1,510,035 shares, compared to its average volume of 1,350,859. The business has a fifty day moving average price of $83.06 and a 200-day moving average price of $75.27. Globus Medical has a 1-year low of $49.33 and a 1-year high of $90.48. The stock has a market cap of $11.85 billion, a PE ratio of 129.93, a PEG ratio of 1.97 and a beta of 1.19.

Insider Buying and Selling

In related news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,500 shares of company stock valued at $7,674,950. Company insiders own 18.54% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new stake in Globus Medical in the 3rd quarter valued at about $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical during the second quarter worth approximately $33,000. Quarry LP raised its holdings in Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company's stock valued at $35,000 after acquiring an additional 433 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company's stock worth $39,000 after acquiring an additional 385 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company's stock worth $64,000 after acquiring an additional 257 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.