Globus Medical (NYSE:GMED) Announces Earnings Results

Globus Medical (NYSE:GMED) issued its earnings results on Tuesday. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18, Briefing.com reports. The company had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business’s revenue was up 63.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $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 Stock Down 0.9 %

NYSE GMED traded down $0.74 during trading on Thursday, hitting $81.97. The company’s stock had a trading volume of 1,399,022 shares, compared to its average volume of 1,000,060. Globus Medical has a 52 week low of $43.38 and a 52 week high of $84.87. The firm has a market cap of $11.10 billion, a P/E ratio of 272.93, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. The firm has a 50 day moving average price of $71.92 and a 200 day moving average price of $68.16.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Royal Bank of Canada raised their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday. Canaccord Genuity Group raised their price target on shares of Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler upped their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday. Truist Financial raised 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. Finally, Bank of America upped their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday. One equities 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. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and an average target price of $87.09.

Insider Activity

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on 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 directly owns 536,275 shares in the company, valued at $40,242,076. 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. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on 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 in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

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.