Globus Medical, Inc. (NYSE:GMED) Expected to Earn Q2 2024 Earnings of $0.73 Per Share

Globus Medical, Inc. (NYSE:GMED) – Equities research analysts at Roth Capital upped their Q2 2024 earnings estimates for Globus Medical in a report issued on Wednesday, May 8th. Roth Capital analyst J. Wittes now expects that the medical device company will post earnings per share of $0.73 for the quarter, up from their previous estimate of $0.63. The consensus estimate for Globus Medical’s current full-year earnings is $2.69 per share. Roth Capital also issued estimates for Globus Medical’s Q3 2024 earnings at $0.64 EPS, Q4 2024 earnings at $0.75 EPS, FY2024 earnings at $2.85 EPS, Q1 2025 earnings at $0.81 EPS, Q2 2025 earnings at $0.80 EPS, Q3 2025 earnings at $0.81 EPS and Q4 2025 earnings at $0.96 EPS.

Other equities analysts have also issued research reports about the company. Stifel Nicolaus upped their price target on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. BTIG Research raised their price objective on shares of Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday. Finally, Truist Financial raised their price target on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and an average target price of $66.60.

Globus Medical Stock Up 20.0 %

Shares of GMED opened at $61.61 on Thursday. The business’s fifty day moving average price is $52.50 and its two-hundred day moving average price is $51.26. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 52.66, a PEG ratio of 1.53 and a beta of 1.11. Globus Medical has a 52 week low of $43.38 and a 52 week high of $65.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.55 by $0.17. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. During the same period in the prior year, the firm earned $0.53 earnings per share. Globus Medical’s revenue was up 119.3% compared to the same quarter last year.

Insider Transactions at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the sale, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 24.30% of the stock is currently owned by insiders.

Institutional Trading of Globus Medical

A number of institutional investors have recently modified their holdings of the company. Pembroke Management LTD lifted its position in shares of Globus Medical by 5.2% in the first quarter. Pembroke Management LTD now owns 626,601 shares of the medical device company’s stock worth $33,611,000 after purchasing an additional 30,694 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Globus Medical by 12.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock valued at $4,839,000 after buying an additional 9,754 shares during the last quarter. Motley Fool Asset Management LLC lifted its position in Globus Medical by 1,263.7% during the 1st quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock worth $45,496,000 after buying an additional 785,970 shares in the last quarter. Motley Fool Wealth Management LLC acquired a new position in shares of Globus Medical during the 1st quarter worth about $10,278,000. Finally, Global Alpha Capital Management Ltd. grew its holdings in shares of Globus Medical by 27.4% in the 1st quarter. Global Alpha Capital Management Ltd. now owns 927,741 shares of the medical device company’s stock valued at $49,764,000 after acquiring an additional 199,440 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

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.