Globus Medical FY2024 EPS Estimate Raised by Roth Capital

Globus Medical, Inc. (NYSE:GMED) – Stock analysts at Roth Capital raised their FY2024 earnings per share estimates for Globus Medical in a report issued on Wednesday, November 6th. Roth Capital analyst J. Wittes now expects that the medical device company will post earnings of $3.00 per share for the year, up from their prior estimate of $2.83. The consensus estimate for Globus Medical’s current full-year earnings is $2.84 per share. Roth Capital also issued estimates for Globus Medical’s Q4 2024 earnings at $0.79 EPS, Q3 2025 earnings at $0.83 EPS, FY2025 earnings at $3.36 EPS, FY2026 earnings at $4.05 EPS and FY2027 earnings at $4.42 EPS.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the prior year, the company posted $0.57 earnings per share. Globus Medical’s revenue was up 63.1% on a year-over-year basis.

GMED has been the topic of several other research reports. Bank of America upped their price objective on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday. Canaccord Genuity Group upped their price objective on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday. Truist Financial upped their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler upped their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Globus Medical Stock Performance

GMED opened at $81.97 on Friday. Globus Medical has a 52-week low of $43.38 and a 52-week high of $84.87. The firm has a market capitalization of $11.10 billion, a PE ratio of 273.23, a PEG ratio of 2.06 and a beta of 1.17. The business’s 50-day simple moving average is $71.92 and its 200 day simple moving average is $68.16.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Swedbank AB raised its position in Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after purchasing an additional 50,000 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its position in Globus Medical by 17.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after purchasing an additional 172,605 shares during the last quarter. GSA Capital Partners LLP bought a new position in Globus Medical during the 1st quarter worth $429,000. State Board of Administration of Florida Retirement System raised its position in Globus Medical by 12.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after purchasing an additional 9,754 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in Globus Medical during the 2nd quarter worth $611,000. 95.16% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was 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 directly owns 536,275 shares in the company, valued at $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction 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 directly owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the 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 completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

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.