Globus Medical, Inc. (NYSE:GMED) Forecasted to Post Q2 2024 Earnings of $0.68 Per Share

Globus Medical, Inc. (NYSE:GMEDFree Report) – Investment analysts at Zacks Research raised their Q2 2024 EPS estimates for shares of Globus Medical in a research report issued to clients and investors on Tuesday, May 28th. Zacks Research analyst R. Department now forecasts that the medical device company will earn $0.68 per share for the quarter, up from their prior forecast of $0.66. The consensus estimate for Globus Medical’s current full-year earnings is $2.82 per share. Zacks Research also issued estimates for Globus Medical’s Q3 2024 earnings at $0.65 EPS, Q4 2024 earnings at $0.75 EPS, FY2024 earnings at $2.80 EPS, Q1 2025 earnings at $0.74 EPS, Q2 2025 earnings at $0.78 EPS, Q3 2025 earnings at $0.85 EPS, FY2025 earnings at $3.21 EPS and Q1 2026 earnings at $0.92 EPS.

Globus Medical (NYSE:GMEDGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 3.51% 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 company posted $0.53 EPS. The business’s revenue for the quarter was up 119.3% on a year-over-year basis.

A number of other brokerages have also recently commented on GMED. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th. Truist Financial increased their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. BTIG Research increased their price objective on shares of Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Finally, Stifel Nicolaus increased their price objective on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.40.

View Our Latest Stock Analysis on GMED

Globus Medical Trading Up 2.0 %

Shares of NYSE GMED opened at $66.59 on Thursday. The stock has a market cap of $9.01 billion, a price-to-earnings ratio of 104.04, a PEG ratio of 1.82 and a beta of 1.11. Globus Medical has a 52 week low of $43.38 and a 52 week high of $67.37. The company’s 50-day moving average price is $56.20 and its 200 day moving average price is $53.32.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GMED. Victory Capital Management Inc. raised its holdings in Globus Medical by 6.9% in the third quarter. Victory Capital Management Inc. now owns 52,077 shares of the medical device company’s stock valued at $2,586,000 after buying an additional 3,381 shares during the period. Arizona State Retirement System raised its holdings in Globus Medical by 50.4% in the third quarter. Arizona State Retirement System now owns 32,909 shares of the medical device company’s stock valued at $1,634,000 after buying an additional 11,028 shares during the period. South Dakota Investment Council raised its holdings in Globus Medical by 62.2% in the third quarter. South Dakota Investment Council now owns 68,360 shares of the medical device company’s stock valued at $3,394,000 after buying an additional 26,208 shares during the period. Jump Financial LLC grew its position in Globus Medical by 112.6% in the third quarter. Jump Financial LLC now owns 68,127 shares of the medical device company’s stock valued at $3,383,000 after acquiring an additional 36,085 shares in the last quarter. Finally, Barclays PLC grew its position in Globus Medical by 58.8% in the third quarter. Barclays PLC now owns 630,662 shares of the medical device company’s stock valued at $31,315,000 after acquiring an additional 233,459 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the transaction, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the transaction, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. Insiders have sold 93,890 shares of company stock valued at $5,940,387 in the last ninety days. Insiders own 18.54% of the company’s stock.

Globus Medical Company Profile

(Get Free Report)

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.

See Also

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

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