Zacks Research Raises Earnings Estimates for Globus Medical

Globus Medical, Inc. (NYSE:GMED) – Analysts at Zacks Research upped their FY2024 earnings per share estimates for shares of Globus Medical in a research report issued on Tuesday, November 26th. Zacks Research analyst R. Department now expects that the medical device company will earn $3.00 per share for the year, up from their previous forecast of $2.83. The consensus estimate for Globus Medical’s current full-year earnings is $2.98 per share. Zacks Research also issued estimates for Globus Medical’s Q4 2024 earnings at $0.70 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.85 EPS, Q3 2025 earnings at $0.83 EPS, FY2025 earnings at $3.43 EPS, Q1 2026 earnings at $1.02 EPS, Q2 2026 earnings at $0.97 EPS, Q3 2026 earnings at $1.01 EPS and FY2026 earnings at $3.96 EPS.

Globus Medical (NYSE:GMED) last released its 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. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same period in the prior year, the firm earned $0.57 earnings per share. The business’s quarterly revenue was up 63.1% compared to the same quarter last year.

Other equities analysts have also issued research reports about the company. Barclays increased their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Canaccord Genuity Group upped their price objective on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Truist Financial raised their target price on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Roth Mkm reaffirmed a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a report on Wednesday, November 6th. Finally, Stifel Nicolaus increased their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Trading Up 0.9 %

Shares of NYSE:GMED opened at $85.29 on Thursday. Globus Medical has a 52 week low of $44.02 and a 52 week high of $85.74. The company’s 50 day moving average is $75.96 and its two-hundred day moving average is $71.37. The company has a market cap of $11.61 billion, a PE ratio of 127.30, a P/E/G ratio of 2.02 and a beta of 1.17.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in Globus Medical by 7.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,151,660 shares of the medical device company’s stock worth $61,776,000 after buying an additional 81,944 shares during the last quarter. Bayesian Capital Management LP purchased a new position in Globus Medical during the first quarter worth about $404,000. Comerica Bank raised its holdings in Globus Medical by 0.5% during the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock worth $2,940,000 after purchasing an additional 293 shares in the last quarter. Swedbank AB acquired a new stake in Globus Medical in the first quarter valued at about $17,433,000. Finally, Cetera Advisors LLC purchased a new stake in Globus Medical in the 1st quarter valued at approximately $204,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 110,000 shares of company stock worth $8,512,850. Insiders own 18.54% of the company’s stock.

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.