Brokerages expect Globus Medical Inc (NYSE:GMED) to report $0.43 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Globus Medical’s earnings. The lowest EPS estimate is $0.42 and the highest is $0.44. Globus Medical reported earnings of $0.39 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 10.3%. The firm is scheduled to report its next quarterly earnings report after the market closes on Wednesday, November 6th.
According to Zacks, analysts expect that Globus Medical will report full-year earnings of $1.71 per share for the current financial year, with EPS estimates ranging from $1.69 to $1.72. For the next fiscal year, analysts anticipate that the firm will post earnings of $1.90 per share, with EPS estimates ranging from $1.86 to $1.93. Zacks Investment Research’s EPS averages are an average based on a survey of research analysts that cover Globus Medical.
Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, August 1st. The medical device company reported $0.41 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.41. Globus Medical had a net margin of 19.30% and a return on equity of 13.29%. The firm had revenue of $150.55 million for the quarter, compared to analyst estimates of $184.93 million. During the same quarter in the prior year, the business posted $0.44 EPS. The business’s revenue was up 10.9% compared to the same quarter last year.
A number of research analysts have issued reports on GMED shares. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 target price on the stock in a research report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $56.00 price target (up previously from $52.00) on shares of Globus Medical in a report on Friday, August 2nd. Wells Fargo & Co upped their price target on shares of Globus Medical from $42.00 to $53.00 and gave the stock a “market perform” rating in a report on Tuesday, October 8th. Finally, ValuEngine raised shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Wednesday, September 4th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $56.40.
Shares of NYSE:GMED remained flat at $$51.40 on Monday. 366,441 shares of the company’s stock were exchanged, compared to its average volume of 583,608. The company’s fifty day moving average price is $50.65 and its two-hundred day moving average price is $45.98. Globus Medical has a 1 year low of $38.01 and a 1 year high of $57.83. The firm has a market cap of $5.06 billion, a P/E ratio of 30.78, a price-to-earnings-growth ratio of 2.65 and a beta of 0.97.
In related news, Director David D. Davidar sold 50,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.33, for a total value of $2,466,500.00. Following the completion of the transaction, the director now owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Kelly Huller sold 3,000 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $49.90, for a total transaction of $149,700.00. Following the completion of the transaction, the senior vice president now directly owns 9,384 shares of the company’s stock, valued at approximately $468,261.60. The disclosure for this sale can be found here. 24.97% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of GMED. Janus Henderson Group PLC lifted its stake in Globus Medical by 83.1% in the 2nd quarter. Janus Henderson Group PLC now owns 6,179,600 shares of the medical device company’s stock valued at $261,397,000 after purchasing an additional 2,803,797 shares during the last quarter. Nuance Investments LLC lifted its stake in Globus Medical by 307.4% in the 2nd quarter. Nuance Investments LLC now owns 1,316,057 shares of the medical device company’s stock valued at $55,669,000 after purchasing an additional 993,056 shares during the last quarter. Nuveen Asset Management LLC bought a new position in Globus Medical in the 2nd quarter valued at approximately $29,363,000. Pembroke Management LTD bought a new position in Globus Medical in the 2nd quarter valued at approximately $13,495,000. Finally, Invesco Ltd. lifted its stake in Globus Medical by 73.1% in the 2nd quarter. Invesco Ltd. now owns 627,072 shares of the medical device company’s stock valued at $26,526,000 after purchasing an additional 264,790 shares during the last quarter. 67.86% of the stock is owned by institutional investors and hedge funds.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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