Globus Medical (NYSE:GMED) announced its earnings results on Thursday. The medical device company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.06, Briefing.com reports. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The firm had revenue of $169.20 million for the quarter, compared to the consensus estimate of $167.47 million. During the same period in the prior year, the firm earned $0.30 EPS. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. Globus Medical updated its FY 2018 guidance to $1.62-1.62 EPS and its FY18 guidance to $1.62 EPS.
Globus Medical stock traded down $5.58 during midday trading on Friday, hitting $51.86. The company’s stock had a trading volume of 1,770,028 shares, compared to its average volume of 662,472. The stock has a market cap of $5.49 billion, a PE ratio of 39.59, a price-to-earnings-growth ratio of 2.86 and a beta of 0.65. Globus Medical has a 12 month low of $34.45 and a 12 month high of $57.83.
In other Globus Medical news, insider David C. Paul sold 2,053,330 shares of the business’s stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $54.26, for a total transaction of $111,413,685.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 28.44% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS Group AG lifted its holdings in shares of Globus Medical by 13.6% during the first quarter. UBS Group AG now owns 42,051 shares of the medical device company’s stock worth $2,095,000 after buying an additional 5,030 shares during the last quarter. Legal & General Group Plc raised its stake in Globus Medical by 11.2% during the first quarter. Legal & General Group Plc now owns 71,530 shares of the medical device company’s stock worth $3,563,000 after acquiring an additional 7,215 shares in the last quarter. Principal Financial Group Inc. raised its stake in Globus Medical by 3.3% during the first quarter. Principal Financial Group Inc. now owns 362,540 shares of the medical device company’s stock worth $18,062,000 after acquiring an additional 11,481 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in Globus Medical during the first quarter worth $6,537,000. Finally, Mckinley Capital Management LLC Delaware grew its holdings in shares of Globus Medical by 37.4% during the second quarter. Mckinley Capital Management LLC Delaware now owns 6,758 shares of the medical device company’s stock worth $341,000 after purchasing an additional 1,838 shares during the last quarter. 63.95% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on GMED. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. Morgan Stanley increased their price target on shares of Globus Medical from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, September 25th. Oppenheimer set a $57.00 price objective on shares of Globus Medical and gave the stock a “hold” rating in a research report on Thursday, August 2nd. Needham & Company LLC upped their price objective on shares of Globus Medical from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Finally, Piper Jaffray Companies increased their price target on shares of Globus Medical to $62.00 and gave the company an “overweight” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $56.00.
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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 an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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