Globus Medical (NYSE:GMED) Updates FY 2024 Earnings Guidance

Globus Medical (NYSE:GMED) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.900-3.000 for the period, compared to the consensus earnings per share estimate of 2.850. The company issued revenue guidance of $2.5 billion-$2.5 billion, compared to the consensus revenue estimate of $2.5 billion. Globus Medical also updated its FY24 guidance to $2.90-3.00 EPS.

Analyst Upgrades and Downgrades

GMED has been the topic of several recent research reports. Royal Bank of Canada increased their target price on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial increased their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price objective on shares of Globus Medical in a research note on Wednesday. Canaccord Genuity Group increased their target price on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley boosted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Stock Performance

GMED traded up $7.12 during trading on Wednesday, reaching $82.70. The stock had a trading volume of 3,865,942 shares, compared to its average volume of 998,129. The business has a 50-day moving average of $71.92 and a 200-day moving average of $68.16. Globus Medical has a one year low of $43.38 and a one year high of $84.87. The stock has a market cap of $11.20 billion, a PE ratio of 275.67, a PEG ratio of 2.07 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced 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 company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s revenue for the quarter was up 63.1% compared to the same quarter last year. During the same period last year, the firm posted $0.57 EPS. Equities research analysts forecast that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction dated 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 directly owns 536,275 shares in the company, valued at $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by corporate 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.