Globus Medical (NYSE:GMED) Issues FY 2024 Earnings Guidance

Globus Medical (NYSE:GMED) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.900-3.000 for the period, compared to the consensus estimate of 2.850. The company issued revenue guidance of $2.5 billion-$2.5 billion, compared to the consensus revenue estimate of $2.5 billion. Globus Medical also updated its FY24 guidance to $2.90-3.00 EPS.

Globus Medical Trading Down 0.9 %

NYSE:GMED traded down $0.74 during trading hours on Thursday, hitting $81.97. 1,399,022 shares of the stock traded hands, compared to its average volume of 1,000,060. The firm has a 50 day moving average price of $71.92 and a 200 day moving average price of $68.16. The firm has a market cap of $11.10 billion, a price-to-earnings ratio of 272.93, a PEG ratio of 2.06 and a beta of 1.17. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.87.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period last year, the company posted $0.57 earnings per share. Research analysts predict that Globus Medical will post 2.84 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GMED shares. Roth Mkm reiterated a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Canaccord Genuity Group increased their price objective on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley boosted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Finally, Truist Financial increased their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Insider Activity

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred 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 approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. 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.