Globus Medical (NYSE:GMED) Releases Quarterly Earnings Results, Beats Expectations By $0.18 EPS

Globus Medical (NYSE:GMED) issued its earnings results on Tuesday. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating 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 net margin of 1.82% and a return on equity of 8.70%. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter last year, the firm earned $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

Shares of NYSE GMED traded up $7.13 during mid-day trading on Wednesday, hitting $82.71. 3,865,136 shares of the stock traded hands, compared to its average volume of 998,129. The company has a market cap of $11.20 billion, a PE ratio of 270.17, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. Globus Medical has a twelve month low of $43.38 and a twelve month high of $84.87. The firm has a 50 day simple moving average of $71.69 and a two-hundred day simple moving average of $68.06.

Analyst Ratings Changes

A number of research analysts recently weighed in on GMED shares. Roth Mkm reissued a “buy” rating and set a $100.00 target price on shares of Globus Medical in a report on Wednesday. Truist Financial upped their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. BTIG Research boosted their price objective on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Wells Fargo & Company increased their target price on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Canaccord Genuity Group boosted their price target on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Insider Buying and Selling at Globus Medical

In other 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 transaction, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related 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 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the business’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 completion of 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 disclosure for this sale can be found here. Corporate 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.