Globus Medical (NYSE:GMED) Issues Earnings Results, Beats Expectations By $0.18 EPS

Globus Medical (NYSE:GMED) released its quarterly earnings results on Tuesday. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18, Briefing.com reports. The business had revenue of $625.71 million during 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%. The business’s revenue was up 63.1% on a year-over-year basis. During the same period last year, the business earned $0.57 EPS. 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 Price Performance

Shares of GMED traded up $7.13 during trading hours on Wednesday, hitting $82.71. The stock had a trading volume of 3,865,137 shares, compared to its average volume of 998,129. The company’s fifty day moving average is $71.69 and its two-hundred day moving average is $68.06. Globus Medical has a 52 week low of $43.38 and a 52 week high of $84.74. The stock has a market capitalization of $11.20 billion, a price-to-earnings ratio of 270.17, a P/E/G ratio of 2.07 and a beta of 1.17.

Insider Transactions at Globus Medical

In other news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction dated 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 owns 536,275 shares in the company, valued at $40,242,076. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s 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 in the company, valued at approximately $3,017,318.24. This trade 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.

Wall Street Analyst Weigh In

GMED has been the subject of a number of recent analyst reports. Royal Bank of Canada raised their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday. Truist Financial lifted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company lifted their target price on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday. Finally, BTIG Research boosted their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and an average price target of $87.09.

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.