Globus Medical (NYSE:GMED) Issues Earnings Results

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

NYSE:GMED traded up $7.13 during trading hours on Wednesday, hitting $82.71. The stock had a trading volume of 3,865,137 shares, compared to its average volume of 998,129. The company has a 50 day simple moving average of $71.69 and a two-hundred day simple moving average of $68.06. Globus Medical has a one year low of $43.38 and a one year high of $84.74. The firm has a market capitalization of $11.20 billion, a price-to-earnings ratio of 270.17, a P/E/G ratio of 2.07 and a beta of 1.17.

Analyst Upgrades and Downgrades

GMED has been the topic of a number of analyst reports. Barclays increased their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Stifel Nicolaus boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday. Roth Mkm restated a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a 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 research report on Wednesday. Finally, BTIG Research raised their price target on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Insider Buying and Selling at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical 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 transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. 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.