Wall Street brokerages expect that Globus Medical Inc (NYSE:GMED) will report $168.19 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Globus Medical’s earnings. The lowest sales estimate is $166.40 million and the highest is $170.60 million. Globus Medical reported sales of $152.39 million in the same quarter last year, which indicates a positive year over year growth rate of 10.4%. The business is expected to report its next earnings report on Wednesday, August 1st.
According to Zacks, analysts expect that Globus Medical will report full year sales of $697.06 million for the current year, with estimates ranging from $695.00 million to $700.00 million. For the next financial year, analysts forecast that the business will post sales of $759.19 million per share, with estimates ranging from $752.00 million to $775.70 million. Zacks’ sales averages are an average based on a survey of analysts that follow Globus Medical.
Globus Medical (NYSE:GMED) last released its quarterly earnings data on Wednesday, May 2nd. The medical device company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.36 by $0.05. The company had revenue of $174.41 million during the quarter, compared to the consensus estimate of $167.95 million. Globus Medical had a return on equity of 14.51% and a net margin of 18.05%. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS.
GMED has been the subject of several research reports. Morgan Stanley raised their price target on Globus Medical from $53.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, May 3rd. Leerink Swann reaffirmed an “outperform” rating and set a $60.00 price target (up previously from $56.00) on shares of Globus Medical in a report on Wednesday, March 28th. Zacks Investment Research raised Globus Medical from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Monday, February 26th. BTIG Research reaffirmed a “neutral” rating and set a $37.00 price target on shares of Globus Medical in a report on Monday, April 16th. Finally, Needham & Company LLC raised Globus Medical from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Wednesday, April 4th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $53.00.
In other Globus Medical news, CAO Steven Payne sold 20,771 shares of the stock in a transaction on Thursday, May 31st. The stock was sold at an average price of $55.81, for a total transaction of $1,159,229.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Daniel T. Scavilla sold 100,000 shares of the stock in a transaction on Tuesday, April 10th. The stock was sold at an average price of $50.00, for a total value of $5,000,000.00. Following the transaction, the vice president now owns 18,210 shares in the company, valued at approximately $910,500. The disclosure for this sale can be found here. Insiders have sold a total of 2,018,442 shares of company stock worth $104,798,942 in the last quarter. Company insiders own 28.44% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Moneta Group Investment Advisors LLC bought a new position in shares of Globus Medical in the first quarter worth $106,000. Thompson Davis & CO. Inc. increased its position in shares of Globus Medical by 1,820.0% in the first quarter. Thompson Davis & CO. Inc. now owns 2,400 shares of the medical device company’s stock worth $120,000 after purchasing an additional 2,275 shares during the period. C M Bidwell & Associates Ltd. bought a new position in shares of Globus Medical in the first quarter worth $126,000. Smithfield Trust Co. increased its position in shares of Globus Medical by 3,711.1% in the first quarter. Smithfield Trust Co. now owns 3,430 shares of the medical device company’s stock worth $171,000 after purchasing an additional 3,340 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Globus Medical by 39.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,183 shares of the medical device company’s stock worth $172,000 after purchasing an additional 1,183 shares during the period. Hedge funds and other institutional investors own 62.54% of the company’s stock.
Shares of Globus Medical traded up $0.09, hitting $54.81, during trading hours on Thursday, according to Marketbeat.com. The company had a trading volume of 899,383 shares, compared to its average volume of 674,367. Globus Medical has a 1-year low of $27.79 and a 1-year high of $57.55. The company has a market cap of $5.33 billion, a PE ratio of 41.84, a PEG ratio of 2.93 and a beta of 0.45.
Globus Medical Company Profile
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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