Brokerages expect Globus Medical Inc (NYSE:GMED) to report sales of $186.59 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Globus Medical’s earnings, with estimates ranging from $185.16 million to $188.40 million. Globus Medical posted sales of $169.24 million during the same quarter last year, which indicates a positive year-over-year growth rate of 10.3%. The business is expected to issue its next earnings results after the market closes on Wednesday, November 6th.
According to Zacks, analysts expect that Globus Medical will report full year sales of $774.15 million for the current year, with estimates ranging from $765.00 million to $778.50 million. For the next financial year, analysts expect that the company will post sales of $844.58 million, with estimates ranging from $840.00 million to $849.60 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Globus Medical.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, August 1st. The medical device company reported $0.41 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.41. The business had revenue of $150.55 million for the quarter, compared to analysts’ expectations of $184.93 million. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS.
A number of brokerages have recently weighed in on GMED. Wells Fargo & Co lifted their price objective on Globus Medical from $42.00 to $53.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 8th. ValuEngine upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Needham & Company LLC restated a “buy” rating and set a $56.00 price target (up from $52.00) on shares of Globus Medical in a research report on Friday, August 2nd. Finally, Zacks Investment Research upgraded Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 price target on the stock in a research report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Globus Medical has an average rating of “Buy” and a consensus target price of $56.40.
In related news, SVP Kelly Huller sold 3,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $49.90, for a total transaction of $149,700.00. Following the completion of the sale, the senior vice president now owns 9,384 shares in the company, valued at $468,261.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David D. Davidar sold 50,000 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.33, for a total value of $2,466,500.00. Following the sale, the director now owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The disclosure for this sale can be found here. 24.97% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Gabelli Funds LLC grew its holdings in Globus Medical by 0.5% during the second quarter. Gabelli Funds LLC now owns 213,000 shares of the medical device company’s stock valued at $9,010,000 after purchasing an additional 1,000 shares during the period. Northern Trust Corp grew its holdings in Globus Medical by 0.5% during the second quarter. Northern Trust Corp now owns 1,221,143 shares of the medical device company’s stock valued at $51,655,000 after purchasing an additional 6,180 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Globus Medical by 20.2% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,489 shares of the medical device company’s stock valued at $317,000 after purchasing an additional 1,256 shares during the period. Isthmus Partners LLC bought a new stake in Globus Medical during the second quarter valued at about $1,211,000. Finally, Vanguard Group Inc. grew its holdings in Globus Medical by 0.4% during the second quarter. Vanguard Group Inc. now owns 7,181,055 shares of the medical device company’s stock valued at $303,760,000 after purchasing an additional 31,142 shares during the period. 67.86% of the stock is owned by institutional investors and hedge funds.
Shares of GMED stock traded up $0.27 during trading hours on Wednesday, reaching $49.78. The company’s stock had a trading volume of 409,306 shares, compared to its average volume of 577,363. The stock has a market capitalization of $4.95 billion, a P/E ratio of 29.81, a P/E/G ratio of 2.59 and a beta of 0.97. Globus Medical has a one year low of $38.01 and a one year high of $57.83. The firm’s fifty day simple moving average is $50.66 and its 200 day simple moving average is $46.05.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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