Globus Medical (NYSE:GMED) Announces Earnings Results

Globus Medical (NYSE:GMED) announced its quarterly earnings results on Tuesday. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.65 by $0.18, Briefing.com reports. The company had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 earnings per share. 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 %

Shares of NYSE GMED traded down $0.74 during mid-day trading on Thursday, reaching $81.97. The company had a trading volume of 1,399,022 shares, compared to its average volume of 1,000,060. The company has a 50-day moving average price of $71.92 and a two-hundred day moving average price of $68.16. The stock has a market cap of $11.10 billion, a PE ratio of 272.93, a P/E/G 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.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GMED. Royal Bank of Canada lifted their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday. Barclays upped their price objective 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 raised their target price on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday. Truist Financial upped their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, BTIG Research boosted their target price on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Insider Activity at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Globus Medical 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 transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 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 ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

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.