Globus Medical (NYSE:GMED – Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.750-2.850 for the period, compared to the consensus EPS estimate of 2.690. The company issued revenue guidance of $2.5 billion-$2.5 billion, compared to the consensus revenue estimate of $2.5 billion.
Analyst Ratings Changes
GMED has been the topic of a number of research analyst reports. Royal Bank of Canada restated an outperform rating and set a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. BTIG Research upgraded Globus Medical from a neutral rating to a buy rating and set a $60.00 price target on the stock in a research report on Monday, March 18th. Stifel Nicolaus upped their price target on Globus Medical from $61.00 to $64.00 and gave the company a buy rating in a research note on Wednesday, February 21st. Finally, Truist Financial raised their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the company a hold rating in a research note on Wednesday, February 21st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $66.33.
Globus Medical Stock Performance
Globus Medical (NYSE:GMED – Get Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The firm had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The company’s revenue for the quarter was up 119.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 EPS. On average, equities research analysts predict that Globus Medical will post 2.69 earnings per share for the current year.
Insiders Place Their Bets
In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the transaction, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 24.30% 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.
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