Globus Medical (NYSE:GMED) Releases FY24 Earnings Guidance

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

Analyst Ratings Changes

A number of equities analysts have recently commented on GMED shares. BTIG Research raised their target price on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Morgan Stanley lifted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Barclays boosted their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Finally, Truist Financial upped their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.78.

Globus Medical Price Performance

NYSE GMED traded up $0.86 during trading hours on Tuesday, hitting $75.58. 1,195,465 shares of the company’s stock traded hands, compared to its average volume of 984,359. The firm’s 50-day moving average is $71.61 and its 200-day moving average is $67.88. Globus Medical has a 52-week low of $43.38 and a 52-week high of $76.13. The company has a market capitalization of $10.23 billion, a PE ratio of 251.00, a PEG ratio of 2.07 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $629.69 million for the quarter, compared to analyst estimates of $615.33 million. During the same period last year, the business earned $0.63 EPS. The company’s revenue was up 115.9% on a year-over-year basis. Equities research analysts predict that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

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.