Analysts Expect Globus Medical Inc (GMED) Will Post Earnings of $0.33 Per Share

Equities research analysts expect that Globus Medical Inc (NYSE:GMED) will announce earnings of $0.33 per share for the current quarter, Zacks reports. Four analysts have issued estimates for Globus Medical’s earnings. The lowest EPS estimate is $0.32 and the highest is $0.34. Globus Medical posted earnings per share of $0.30 in the same quarter last year, which would suggest a positive year-over-year growth rate of 10%. The business is expected to issue its next earnings results after the market closes on Thursday, November 8th.

According to Zacks, analysts expect that Globus Medical will report full-year earnings of $1.55 per share for the current financial year, with EPS estimates ranging from $1.55 to $1.56. For the next year, analysts anticipate that the company will report earnings of $1.71 per share, with EPS estimates ranging from $1.63 to $1.78. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that that provide coverage for Globus Medical.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Wednesday, August 1st. The medical device company reported $0.44 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $168.03 million. During the same period in the previous year, the firm posted $0.32 EPS. Globus Medical’s revenue was up 13.8% compared to the same quarter last year.

Several research firms recently issued reports on GMED. Zacks Investment Research upgraded Globus Medical from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. Morgan Stanley lifted their price objective on Globus Medical from $58.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 2nd. Needham & Company LLC lifted their price objective on Globus Medical from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Oppenheimer set a $57.00 price objective on Globus Medical and gave the stock a “hold” rating in a report on Thursday, August 2nd. Finally, Bank of America cut Globus Medical from a “neutral” rating to an “underperform” rating and set a $55.00 price objective on the stock. in a report on Wednesday, June 27th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $54.73.

GMED stock traded down $0.58 during trading on Thursday, hitting $52.66. The stock had a trading volume of 19,126 shares, compared to its average volume of 892,408. Globus Medical has a twelve month low of $30.30 and a twelve month high of $57.55. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of 39.98, a PEG ratio of 2.69 and a beta of 0.63.

In other news, Chairman David C. Paul sold 707,191 shares of the business’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $54.01, for a total transaction of $38,195,385.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 28.44% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Globus Medical by 14.9% during the 2nd quarter. BlackRock Inc. now owns 9,201,726 shares of the medical device company’s stock valued at $464,318,000 after buying an additional 1,190,681 shares during the period. Victory Capital Management Inc. raised its position in shares of Globus Medical by 19.9% during the 2nd 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 during the period. Northern Trust Corp raised its position in shares of Globus Medical by 2.9% during the 2nd quarter. Northern Trust Corp now owns 1,190,383 shares of the medical device company’s stock valued at $60,067,000 after buying an additional 33,264 shares during the period. FMR LLC purchased a new stake in shares of Globus Medical during the 2nd quarter valued at approximately $46,806,000. Finally, Renaissance Technologies LLC raised its position in shares of Globus Medical by 69.7% during the 2nd 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 during the period. Institutional investors and hedge funds own 64.02% of the company’s stock.

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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