Globus Medical (NYSE:GMED) Issues FY 2022 Earnings Guidance

Globus Medical (NYSE:GMEDGet Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided EPS guidance of $2.10-$2.10 for the period, compared to the consensus EPS estimate of $2.10. The company issued revenue guidance of $1.02 billion-$1.02 billion, compared to the consensus revenue estimate of $1.03 billion.

Several research analysts have recently weighed in on GMED shares. Needham & Company LLC cut their price target on Globus Medical from $92.00 to $76.00 and set a buy rating for the company in a research note on Friday, February 18th. Wells Fargo & Company cut their target price on Globus Medical from $80.00 to $70.00 in a research note on Wednesday, May 11th. Piper Sandler dropped their price target on Globus Medical to $80.00 in a research report on Friday. Credit Suisse Group dropped their price target on Globus Medical from $95.00 to $91.00 and set an outperform rating for the company in a research report on Friday, February 18th. Finally, Morgan Stanley dropped their price target on Globus Medical from $82.00 to $74.00 and set an equal weight rating for the company in a research report on Tuesday, February 22nd. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Buy and a consensus price target of $82.69.

Shares of GMED stock opened at $61.90 on Tuesday. The firm has a market cap of $6.29 billion, a P/E ratio of 45.51, a P/E/G ratio of 2.69 and a beta of 1.11. Globus Medical has a fifty-two week low of $57.21 and a fifty-two week high of $84.23. The business’s 50 day moving average price is $69.33 and its 200-day moving average price is $69.08.

Globus Medical (NYSE:GMEDGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The medical device company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.04). The business had revenue of $230.55 million during the quarter, compared to the consensus estimate of $232.88 million. Globus Medical had a return on equity of 11.95% and a net margin of 14.77%. Globus Medical’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.49 earnings per share. On average, research analysts forecast that Globus Medical will post 2.1 EPS for the current fiscal year.

In other Globus Medical news, Director David D. Davidar sold 31,500 shares of the business’s stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $78.03, for a total value of $2,457,945.00. Following the sale, the director now directly owns 601,275 shares of the company’s stock, valued at $46,917,488.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction on Friday, April 8th. The stock was sold at an average price of $75.58, for a total value of $188,950.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,000 shares of company stock worth $3,347,295. Corporate insiders own 16.50% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in GMED. Covestor Ltd raised its stake in shares of Globus Medical by 86.5% in the first quarter. Covestor Ltd now owns 785 shares of the medical device company’s stock worth $58,000 after purchasing an additional 364 shares during the last quarter. Pearl River Capital LLC purchased a new position in shares of Globus Medical in the first quarter worth $205,000. NewEdge Advisors LLC purchased a new position in shares of Globus Medical in the fourth quarter worth $229,000. XTX Topco Ltd purchased a new position in shares of Globus Medical in the first quarter worth $293,000. Finally, MML Investors Services LLC raised its stake in shares of Globus Medical by 9.8% in the fourth quarter. MML Investors Services LLC now owns 4,456 shares of the medical device company’s stock worth $322,000 after purchasing an additional 399 shares during the last quarter. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Company Profile (Get Rating)

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.

See Also

Earnings History and Estimates for Globus Medical (NYSE:GMED)

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