Globus Medical (NYSE:GMED) Updates FY24 Earnings Guidance

Globus Medical (NYSE:GMED) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.90-3.00 for the period, compared to the consensus earnings per share 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 also updated its FY 2024 guidance to 2.900-3.000 EPS.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Canaccord Genuity Group lifted their price target on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. Stifel Nicolaus lifted their price target on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday. Wells Fargo & Company lifted their price target on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday. Bank of America lifted their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday. Finally, Truist Financial lifted their price target on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $87.09.

Globus Medical Trading Down 0.9 %

NYSE GMED traded down $0.74 during midday trading on Thursday, hitting $81.97. The company had a trading volume of 1,399,022 shares, compared to its average volume of 1,000,060. The company has a market capitalization of $11.10 billion, a PE ratio of 272.93, a P/E/G ratio of 2.06 and a beta of 1.17. The firm has a 50-day moving average price of $71.92 and a 200-day moving average price of $68.16. Globus Medical has a twelve month low of $43.38 and a twelve month high of $84.87.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the firm earned $0.57 EPS. Globus Medical’s revenue was up 63.1% on a year-over-year basis. On average, equities analysts anticipate that Globus Medical will post 2.84 EPS for the current year.

Insider Transactions at Globus Medical

In other news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction 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 transaction, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction 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 sale, the director now owns 536,275 shares in the company, valued at $40,242,076. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction on 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 sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. 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 insiders.

Globus Medical Company Profile

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.