Globus Medical (NYSE:GMED) Issues FY24 Earnings Guidance

Globus Medical (NYSE:GMED) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.90-3.00 for the period, compared to the consensus estimate of $2.86. The company issued revenue guidance of $2.49-2.50 billion, compared to the consensus revenue estimate of $2.48 billion.

Globus Medical Price Performance

Shares of GMED traded up $0.86 on Tuesday, reaching $75.58. 1,195,465 shares of the stock traded hands, compared to its average volume of 984,359. The stock’s 50-day moving average price is $71.61 and its 200-day moving average price is $67.88. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 251.00, a P/E/G ratio of 2.07 and a beta of 1.17. Globus Medical has a 12 month low of $43.38 and a 12 month high of $76.13.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The company had revenue of $629.69 million for the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s revenue was up 115.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.63 earnings per share. As a group, equities research analysts forecast that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $60.00 to $78.00 in a research note on Wednesday, August 7th. Royal Bank of Canada boosted their price target on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Truist Financial boosted their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. BTIG Research boosted their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.78.

Insider Buying and Selling

In related news, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

About Globus Medical

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.