Brokers Offer Predictions for Globus Medical, Inc.’s Q2 2024 Earnings (NYSE:GMED)

Globus Medical, Inc. (NYSE:GMED) – Roth Capital boosted their Q2 2024 EPS estimates for shares of Globus Medical in a research report issued to clients and investors on Wednesday, May 8th. Roth Capital analyst J. Wittes now anticipates that the medical device company will post earnings per share of $0.73 for the quarter, up from their previous estimate of $0.63. The consensus estimate for Globus Medical’s current full-year earnings is $2.69 per share. Roth Capital also issued estimates for Globus Medical’s Q3 2024 earnings at $0.64 EPS, Q4 2024 earnings at $0.75 EPS, FY2024 earnings at $2.85 EPS, Q1 2025 earnings at $0.81 EPS, Q2 2025 earnings at $0.80 EPS, Q3 2025 earnings at $0.81 EPS and Q4 2025 earnings at $0.96 EPS.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.55 by $0.17. The firm had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The company’s revenue was up 119.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 EPS.

GMED has been the topic of a number of other research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of Globus Medical in a research report on Thursday, January 11th. Piper Sandler increased their target price on Globus Medical from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday. Truist Financial raised their price target on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. BTIG Research boosted their price objective on Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.60.

Globus Medical Trading Up 20.0 %

GMED stock opened at $61.61 on Thursday. The company has a market capitalization of $8.34 billion, a PE ratio of 52.66, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. Globus Medical has a one year low of $43.38 and a one year high of $65.74. The company’s 50 day moving average price is $52.50 and its two-hundred day moving average price is $51.26.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Globus Medical by 49.7% during the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after purchasing an additional 3,732,959 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Globus Medical by 16.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock valued at $53,873,000 after buying an additional 141,492 shares in the last quarter. SG Americas Securities LLC raised its stake in Globus Medical by 854.5% during the fourth quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock valued at $8,544,000 after buying an additional 143,540 shares during the last quarter. Leeward Investments LLC MA boosted its holdings in Globus Medical by 14.5% in the fourth quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock worth $9,280,000 after acquiring an additional 22,022 shares in the last quarter. Finally, Sector Gamma AS purchased a new stake in shares of Globus Medical in the third quarter worth $11,014,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Activity

In other news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 24.30% of the company’s stock.

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.