FY2024 EPS Estimates for Globus Medical Cut by Roth Capital

Globus Medical, Inc. (NYSE:GMED) – Investment analysts at Roth Capital cut their FY2024 earnings per share (EPS) estimates for Globus Medical in a report issued on Monday, January 27th. Roth Capital analyst J. Wittes now forecasts that the medical device company will post earnings per share of $3.00 for the year, down from their prior forecast of $3.03. The consensus estimate for Globus Medical’s current full-year earnings is $2.98 per share. Roth Capital also issued estimates for Globus Medical’s Q4 2024 earnings at $0.79 EPS, Q2 2025 earnings at $0.84 EPS, Q4 2025 earnings at $0.96 EPS, FY2025 earnings at $3.44 EPS, FY2026 earnings at $4.30 EPS and FY2027 earnings at $4.76 EPS.

Several other analysts have also commented on the company. Roth Mkm boosted their price target on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Canaccord Genuity Group boosted their target price on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research note on Friday, January 10th. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Tuesday. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. Finally, Truist Financial raised their price objective on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Trading Up 0.4 %

NYSE GMED opened at $93.17 on Wednesday. Globus Medical has a 1-year low of $49.33 and a 1-year high of $94.93. The stock’s 50 day moving average is $85.69 and its two-hundred day moving average is $77.25. The company has a market capitalization of $12.69 billion, a price-to-earnings ratio of 139.06, a PEG ratio of 1.78 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 earnings per share.

Hedge Funds Weigh In On Globus Medical

Institutional investors have recently modified their holdings of the stock. bLong Financial LLC bought a new position in Globus Medical during the 4th quarter worth approximately $397,000. New York State Teachers Retirement System raised its holdings in Globus Medical by 12.3% in the fourth quarter. New York State Teachers Retirement System now owns 87,116 shares of the medical device company’s stock worth $7,205,000 after purchasing an additional 9,539 shares during the period. V Square Quantitative Management LLC boosted its position in shares of Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after purchasing an additional 197 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Globus Medical by 1.0% in the 4th quarter. Louisiana State Employees Retirement System now owns 31,600 shares of the medical device company’s stock valued at $2,614,000 after buying an additional 300 shares during the period. Finally, Lightrock Netherlands B.V. bought a new stake in shares of Globus Medical in the 4th quarter valued at $8,465,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold a total of 81,667 shares of company stock worth $6,674,554 over the last 90 days. 18.54% of the stock is owned by 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.