Brokers Set Expectations for Globus Medical FY2024 Earnings

Globus Medical, Inc. (NYSE:GMED) – Stock analysts at Roth Capital boosted their FY2024 earnings per share (EPS) estimates for Globus Medical in a research note issued to investors on Friday, January 10th. Roth Capital analyst J. Wittes now anticipates that the medical device company will post earnings per share of $3.03 for the year, up from their prior estimate of $3.00. The consensus estimate for Globus Medical’s current full-year earnings is $2.97 per share. Roth Capital also issued estimates for Globus Medical’s Q4 2024 earnings at $0.82 EPS, Q2 2025 earnings at $0.86 EPS, Q4 2025 earnings at $1.01 EPS, FY2025 earnings at $3.50 EPS, FY2026 earnings at $4.33 EPS and FY2027 earnings at $4.80 EPS.

A number of other equities research analysts have also issued reports on the stock. Royal Bank of Canada raised their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company boosted their price target on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. BTIG Research upped their price target on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Canaccord Genuity Group lifted their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $87.05 on Monday. The company’s fifty day moving average price is $83.30 and its 200-day moving average price is $75.39. The firm has a market capitalization of $11.85 billion, a price-to-earnings ratio of 129.93, a PEG ratio of 1.97 and a beta of 1.19. Globus Medical has a one year low of $49.33 and a one year high of $90.48.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter last year, the firm posted $0.57 EPS. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis.

Insider Buying and Selling at Globus Medical

In other news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction dated 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 $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 97,500 shares of company stock valued at $7,674,950 in the last quarter. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC purchased a new stake in Globus Medical in the 2nd quarter valued at about $33,000. Choreo LLC acquired a new position in shares of Globus Medical in the 2nd quarter worth approximately $517,000. American Century Companies Inc. boosted its position in shares of Globus Medical by 5.7% during the 2nd quarter. American Century Companies Inc. now owns 26,625 shares of the medical device company’s stock worth $1,824,000 after purchasing an additional 1,442 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in Globus Medical by 13.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 25,110 shares of the medical device company’s stock valued at $1,720,000 after purchasing an additional 3,059 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Globus Medical by 5.2% in the second quarter. Envestnet Asset Management Inc. now owns 266,207 shares of the medical device company’s stock valued at $18,232,000 after purchasing an additional 13,221 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.