Globus Medical (NYSE:GMED) Posts Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Globus Medical (NYSE:GMED) announced its quarterly earnings data on Tuesday. The medical device company reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.23, Zacks reports. Globus Medical had a net margin of 15.30% and a return on equity of 11.52%. The company had revenue of $826.42 million during the quarter, compared to analyst estimates of $803.29 million.

Globus Medical Trading Down 1.5%

Shares of Globus Medical stock traded down $1.39 during trading on Tuesday, hitting $92.01. 2,020,062 shares of the stock traded hands, compared to its average volume of 1,430,180. Globus Medical has a 52-week low of $51.79 and a 52-week high of $101.40. The stock’s fifty day simple moving average is $89.98 and its 200 day simple moving average is $75.61. The firm has a market cap of $12.31 billion, a P/E ratio of 29.68, a price-to-earnings-growth ratio of 1.39 and a beta of 1.06.

Insiders Place Their Bets

In other Globus Medical news, Director Leslie V. Norwalk sold 2,000 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the sale, the director owned 10,419 shares of the company’s stock, valued at approximately $1,053,360.90. This trade represents a 16.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kyle Kline sold 3,594 shares of the business’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $363,353.40. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,136 shares of company stock worth $3,111,033 over the last 90 days. Company insiders own 18.51% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Large investors have recently modified their holdings of the business. Advisory Services Network LLC purchased a new position in shares of Globus Medical in the 3rd quarter valued at approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in Globus Medical by 74.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after buying an additional 197 shares during the period. Parallel Advisors LLC raised its position in Globus Medical by 45.1% during the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock worth $32,000 after buying an additional 173 shares during the last quarter. Hollencrest Capital Management acquired a new stake in Globus Medical during the fourth quarter worth about $51,000. Finally, Headlands Technologies LLC raised its position in shares of Globus Medical by 485.4% in the second quarter. Headlands Technologies LLC now owns 761 shares of the medical device company’s stock worth $45,000 after acquiring an additional 631 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. BTIG Research reiterated a “neutral” rating on shares of Globus Medical in a research note on Tuesday, December 30th. Morgan Stanley boosted their price objective on Globus Medical from $70.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Zacks Research lowered shares of Globus Medical from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and raised their price objective for the company from $65.00 to $91.00 in a research report on Friday, November 7th. Finally, Wall Street Zen upgraded Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $100.18.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.