Globus Medical, Inc. Expected to Earn Q3 2024 Earnings of $0.63 Per Share (NYSE:GMED)

Globus Medical, Inc. (NYSE:GMED) – Investment analysts at Roth Capital reduced their Q3 2024 earnings per share estimates for shares of Globus Medical in a report released on Wednesday, August 7th. Roth Capital analyst J. Wittes now expects that the medical device company will post earnings per share of $0.63 for the quarter, down from their prior estimate of $0.64. The consensus estimate for Globus Medical’s current full-year earnings is $2.82 per share. Roth Capital also issued estimates for Globus Medical’s Q4 2024 earnings at $0.72 EPS, FY2024 earnings at $2.83 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.81 EPS, Q3 2025 earnings at $0.80 EPS, Q4 2025 earnings at $0.92 EPS, FY2025 earnings at $3.34 EPS, FY2026 earnings at $4.02 EPS and FY2027 earnings at $4.22 EPS.

A number of other equities research analysts have also weighed in on GMED. Morgan Stanley boosted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Truist Financial upped their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday. Royal Bank of Canada raised their target price on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research report on Wednesday. Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $78.00 in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Globus Medical Price Performance

Globus Medical stock traded down $0.72 during midday trading on Thursday, reaching $73.20. 1,164,814 shares of the company traded hands, compared to its average volume of 1,084,507. Globus Medical has a 12 month low of $43.38 and a 12 month high of $74.21. The business has a 50 day moving average of $69.16 and a two-hundred day moving average of $60.02. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 114.41, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The business had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter in the prior year, the business earned $0.63 EPS. The business’s revenue for the quarter was up 115.9% compared to the same quarter last year.

Insider Buying and Selling at Globus Medical

In related news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now owns 16,419 shares in the company, valued at approximately $1,149,330. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Large investors have recently made changes to their positions in the business. Old West Investment Management LLC lifted its holdings in Globus Medical by 8.0% in the 2nd quarter. Old West Investment Management LLC now owns 122,196 shares of the medical device company’s stock worth $8,369,000 after purchasing an additional 9,005 shares in the last quarter. Montag & Caldwell LLC boosted its position in shares of Globus Medical by 30.5% during the second quarter. Montag & Caldwell LLC now owns 19,374 shares of the medical device company’s stock worth $1,327,000 after acquiring an additional 4,528 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Globus Medical by 5.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 266,207 shares of the medical device company’s stock valued at $18,232,000 after purchasing an additional 13,221 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Globus Medical by 13.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 25,110 shares of the medical device company’s stock valued at $1,720,000 after purchasing an additional 3,059 shares in the last quarter. Finally, Schiavi & Co LLC bought a new stake in shares of Globus Medical in the second quarter worth about $205,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.