FY2024 EPS Estimates for Globus Medical Raised by Analyst

Globus Medical, Inc. (NYSE:GMED) – Equities research analysts at Roth Capital upped their FY2024 earnings per share estimates for Globus Medical in a report issued on Friday, January 10th. Roth Capital analyst J. Wittes now anticipates that the medical device company will post earnings of $3.03 per share for the year, up from their prior estimate of $3.00. The consensus estimate for Globus Medical’s current full-year earnings is $2.97 per share. Roth Capital also issued estimates for Globus Medical’s Q4 2024 earnings at $0.82 EPS, Q2 2025 earnings at $0.86 EPS, Q4 2025 earnings at $1.01 EPS, FY2025 earnings at $3.50 EPS, FY2026 earnings at $4.33 EPS and FY2027 earnings at $4.80 EPS.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS.

Other equities research analysts also recently issued reports about the stock. Truist Financial lifted their price target on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Wells Fargo & Company boosted their price target on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Thursday, January 9th. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Price Performance

NYSE GMED opened at $87.05 on Monday. The business has a 50 day moving average price of $83.30 and a 200 day moving average price of $75.39. The company has a market capitalization of $11.85 billion, a P/E ratio of 129.93, a PEG ratio of 1.97 and a beta of 1.19. Globus Medical has a 1-year low of $49.33 and a 1-year high of $90.48.

Institutional Trading of Globus Medical

A number of large investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new position in Globus Medical during the 3rd quarter worth $27,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Globus Medical during the second quarter worth $33,000. Quarry LP lifted its stake in shares of Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares during the period. Farther Finance Advisors LLC boosted its holdings in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Globus Medical by 40.7% in the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after purchasing an additional 257 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction on 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 completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 5.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders have sold 97,500 shares of company stock worth $7,674,950 in the last three months. 18.54% of the stock is currently owned by 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.