Roth Capital Increases Earnings Estimates for Globus Medical

Globus Medical, Inc. (NYSE:GMED) – Stock analysts at Roth Capital raised their FY2024 EPS estimates for Globus Medical in a research report issued to clients and investors on Friday, January 10th. Roth Capital analyst J. Wittes now expects that the medical device company will post earnings of $3.03 per share for the year, up from their prior forecast of $3.00. The consensus estimate for Globus Medical’s current full-year earnings is $2.97 per share. Roth Capital also issued estimates for Globus Medical’s Q4 2024 earnings at $0.82 EPS, Q2 2025 earnings at $0.86 EPS, Q4 2025 earnings at $1.01 EPS, FY2025 earnings at $3.50 EPS, FY2026 earnings at $4.33 EPS and FY2027 earnings at $4.80 EPS.

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

Several other equities research analysts also recently weighed in on GMED. Stifel Nicolaus raised their price target on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. BTIG Research upped their price target on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Roth Mkm raised their price target on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Wells Fargo & Company boosted their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Finally, StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Stock Up 0.6 %

Shares of Globus Medical stock opened at $87.09 on Monday. Globus Medical has a 52-week low of $49.33 and a 52-week high of $90.48. The firm’s 50 day moving average price is $83.06 and its 200-day moving average price is $75.27. The company has a market cap of $11.86 billion, a P/E ratio of 129.99, a PEG ratio of 1.97 and a beta of 1.19.

Institutional Investors Weigh In On Globus Medical

Several large investors have recently bought and sold shares of GMED. State Street Corp boosted its stake in shares of Globus Medical by 2.3% in the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after acquiring an additional 81,371 shares during the last quarter. Burgundy Asset Management Ltd. grew its holdings in shares of Globus Medical by 1.4% during the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after buying an additional 35,054 shares in the last quarter. Geode Capital Management LLC boosted its position in Globus Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after acquiring an additional 21,935 shares during the last quarter. Magnetar Financial LLC grew its stake in Globus Medical by 1.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after acquiring an additional 29,200 shares in the last quarter. Finally, Geneva Capital Management LLC raised its holdings in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after acquiring an additional 18,117 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Kelly Huller sold 2,500 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David D. Davidar sold 30,000 shares of the company’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 transaction, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,500 shares of company stock valued at $7,674,950 over the last ninety days. Company 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.