Globus Medical (NYSE:GMED) Issues Earnings Results

Globus Medical (NYSE:GMED) released its quarterly earnings data on Tuesday. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18, Briefing.com reports. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. 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 stock traded up $7.13 during trading on Wednesday, reaching $82.71. The company had a trading volume of 3,865,136 shares, compared to its average volume of 998,129. The company has a market capitalization of $11.20 billion, a PE ratio of 270.17, a PEG ratio of 2.07 and a beta of 1.17. The firm’s 50 day simple moving average is $71.69 and its two-hundred day simple moving average is $68.06. Globus Medical has a one year low of $43.38 and a one year high of $84.87.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Royal Bank of Canada raised 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. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. Canaccord Genuity Group upped their target price on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America upped their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday. Finally, Truist Financial upped their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $87.09.

Insider Buying and Selling at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.54% 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.