Globus Medical FY2024 EPS Estimate Decreased by Roth Capital

Globus Medical, Inc. (NYSE:GMED) – Equities researchers at Roth Capital cut their FY2024 EPS estimates for shares of Globus Medical in a report released 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 previous estimate 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.

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

A number of other brokerages have also recently weighed in on GMED. Stifel Nicolaus lifted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Royal Bank of Canada upped their price objective on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Piper Sandler upped their price target on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Finally, BTIG Research lifted their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $92.92 on Wednesday. The firm has a market capitalization of $12.65 billion, a PE ratio of 138.69, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19. Globus Medical has a 1 year low of $49.33 and a 1 year high of $93.67. The firm’s 50-day moving average is $85.31 and its two-hundred day moving average is $76.99.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Globus Medical during the 3rd quarter worth $27,000. Quarry LP raised its holdings in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the period. UMB Bank n.a. boosted its holdings in Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after purchasing an additional 206 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after purchasing an additional 257 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 have sold 81,667 shares of company stock valued at $6,674,554 in the last ninety days. 18.54% of the stock is currently owned by company insiders.

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.