$167.39 Million in Sales Expected for Globus Medical Inc (GMED) This Quarter

Wall Street brokerages predict that Globus Medical Inc (NYSE:GMED) will post $167.39 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Globus Medical’s earnings. The lowest sales estimate is $166.20 million and the highest is $168.20 million. Globus Medical reported sales of $151.74 million during the same quarter last year, which indicates a positive year over year growth rate of 10.3%. The business is expected to issue its next quarterly earnings report on Wednesday, November 14th.

On average, analysts expect that Globus Medical will report full year sales of $701.10 million for the current year, with estimates ranging from $700.00 million to $703.38 million. For the next fiscal year, analysts forecast that the firm will post sales of $762.30 million, with estimates ranging from $756.00 million to $771.00 million. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Globus Medical.

Globus Medical (NYSE:GMED) last issued its earnings results on Wednesday, August 1st. The medical device company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.09. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. The company had revenue of $173.40 million during the quarter, compared to the consensus estimate of $168.03 million. During the same quarter in the prior year, the business earned $0.32 earnings per share. The company’s revenue was up 13.8% compared to the same quarter last year.

Several equities research analysts have recently weighed in on GMED shares. Zacks Investment Research raised Globus Medical from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Friday, August 3rd. Morgan Stanley upped their target price on Globus Medical from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Needham & Company LLC upped their target price on Globus Medical from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Oppenheimer set a $57.00 target price on Globus Medical and gave the stock a “hold” rating in a research report on Thursday, August 2nd. Finally, Bank of America downgraded Globus Medical from a “neutral” rating to an “underperform” rating and set a $55.00 target price for the company. in a research report on Wednesday, June 27th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $54.73.

In related news, Chairman David C. Paul sold 707,191 shares of the stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $54.01, for a total value of $38,195,385.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 28.44% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of GMED. BlackRock Inc. boosted its holdings in Globus Medical by 14.9% in the second quarter. BlackRock Inc. now owns 9,201,726 shares of the medical device company’s stock valued at $464,318,000 after purchasing an additional 1,190,681 shares during the last quarter. FMR LLC acquired a new stake in Globus Medical during the second quarter valued at approximately $46,806,000. Renaissance Technologies LLC raised its stake in Globus Medical by 69.7% during the second quarter. Renaissance Technologies LLC now owns 854,900 shares of the medical device company’s stock valued at $43,138,000 after buying an additional 351,100 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in Globus Medical by 140.7% during the second quarter. Canada Pension Plan Investment Board now owns 486,900 shares of the medical device company’s stock valued at $24,569,000 after buying an additional 284,600 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Globus Medical by 19.9% during the second quarter. Victory Capital Management Inc. now owns 1,335,595 shares of the medical device company’s stock valued at $67,394,000 after buying an additional 221,613 shares in the last quarter. 64.00% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE GMED opened at $52.54 on Friday. Globus Medical has a 1-year low of $30.28 and a 1-year high of $57.55. The stock has a market capitalization of $5.43 billion, a PE ratio of 41.87, a P/E/G ratio of 2.83 and a beta of 0.63.

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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