Zacks: Analysts Anticipate Globus Medical Inc (GMED) Will Post Quarterly Sales of $167.39 Million

Analysts predict that Globus Medical Inc (NYSE:GMED) will announce $167.39 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Globus Medical’s earnings, with the lowest sales estimate coming in at $166.20 million and the highest estimate coming in at $168.20 million. Globus Medical reported sales of $151.74 million during the same quarter last year, which would suggest a positive year over year growth rate of 10.3%. The business is scheduled to report its next quarterly earnings report on Wednesday, November 14th.

According to Zacks, analysts expect that Globus Medical will report full year sales of $701.22 million for the current financial year, with estimates ranging from $700.00 million to $703.99 million. For the next fiscal year, analysts expect that the firm will post sales of $763.93 million per share, with estimates ranging from $759.66 million to $775.50 million. Zacks’ sales calculations are an average based on a survey of research firms that follow Globus Medical.

Globus Medical (NYSE:GMED) last issued its earnings results on Wednesday, August 1st. The medical device company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.35 by $0.09. The company had revenue of $173.40 million during the quarter, compared to analysts’ expectations of $168.03 million. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.32 EPS.

A number of equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Friday, August 3rd. Oppenheimer set a $52.00 price objective on shares of Globus Medical and gave the stock a “hold” rating in a research report on Thursday, May 3rd. Needham & Company LLC upped their price objective on shares of Globus Medical from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, May 3rd. Morgan Stanley upped their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, August 2nd. Finally, ValuEngine upgraded shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 26th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $54.55.

In other Globus Medical news, insider David C. Paul sold 6,841 shares of the business’s stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $52.95, for a total transaction of $362,230.95. Following the sale, the insider now directly owns 605,871 shares of the company’s stock, valued at approximately $32,080,869.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Eric Schwartz sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 25th. The stock was sold at an average price of $53.79, for a total transaction of $537,900.00. Following the sale, the vice president now directly owns 10,000 shares in the company, valued at $537,900. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 159,279 shares of company stock valued at $8,889,746. 28.44% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of GMED. Moneta Group Investment Advisors LLC bought a new stake in Globus Medical during the 1st quarter worth approximately $106,000. Thompson Davis & CO. Inc. grew its holdings in Globus Medical by 1,820.0% during the 1st quarter. Thompson Davis & CO. Inc. now owns 2,400 shares of the medical device company’s stock worth $120,000 after acquiring an additional 2,275 shares during the last quarter. NumerixS Investment Technologies Inc bought a new stake in Globus Medical during the 2nd quarter worth approximately $125,000. C M Bidwell & Associates Ltd. bought a new stake in Globus Medical during the 1st quarter worth approximately $126,000. Finally, Smithfield Trust Co. grew its holdings in Globus Medical by 3,711.1% during the 1st quarter. Smithfield Trust Co. now owns 3,430 shares of the medical device company’s stock worth $171,000 after acquiring an additional 3,340 shares during the last quarter. 62.62% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Globus Medical opened at $52.35 on Monday, MarketBeat reports. The company has a market capitalization of $5.15 billion, a PE ratio of 39.96, a PEG ratio of 2.68 and a beta of 0.57. Globus Medical has a 12 month low of $27.79 and a 12 month high of $57.55.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.

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Earnings History and Estimates for Globus Medical (NYSE:GMED)

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