Wall Street brokerages expect Globus Medical, Inc. (NYSE:GMED – Get Rating) to post $234.58 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Globus Medical’s earnings. The highest sales estimate is $238.50 million and the lowest is $230.81 million. Globus Medical posted sales of $227.34 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 3.2%. The business is scheduled to issue its next quarterly earnings report on Monday, January 1st.
On average, analysts expect that Globus Medical will report full-year sales of $1.03 billion for the current year, with estimates ranging from $1.03 billion to $1.04 billion. For the next year, analysts expect that the business will report sales of $1.14 billion, with estimates ranging from $1.11 billion to $1.16 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Globus Medical.
Globus Medical (NYSE:GMED – Get Rating) last posted its quarterly earnings results on Thursday, February 17th. The medical device company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.01. The firm had revenue of $250.02 million for the quarter, compared to analyst estimates of $243.93 million. Globus Medical had a net margin of 15.57% and a return on equity of 12.69%. During the same quarter in the previous year, the business posted $0.58 earnings per share.
GMED has been the topic of several research analyst reports. Morgan Stanley lowered their price objective on shares of Globus Medical from $82.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 22nd. Credit Suisse Group decreased their target price on shares of Globus Medical from $95.00 to $91.00 and set an “outperform” rating for the company in a research note on Friday, February 18th. Zacks Investment Research lowered shares of Globus Medical from a “buy” rating to a “hold” rating and set a $70.00 target price for the company. in a research note on Tuesday, February 22nd. Wells Fargo & Company assumed coverage on shares of Globus Medical in a research note on Monday, March 28th. They set an “overweight” rating and a $80.00 target price for the company. Finally, StockNews.com initiated coverage on shares of Globus Medical in a research note on Thursday, March 31st. They set a “hold” rating for the company. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Globus Medical currently has an average rating of “Buy” and an average target price of $84.29.
In other news, Director James R. Tobin sold 10,000 shares of Globus Medical stock in a transaction dated Thursday, March 10th. The shares were sold at an average price of $70.04, for a total value of $700,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction dated Friday, April 8th. The shares were sold at an average price of $75.58, for a total transaction of $188,950.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,984 shares of company stock worth $1,212,198. Company insiders own 16.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of GMED. Morgan Stanley raised its position in shares of Globus Medical by 5.4% in the 2nd quarter. Morgan Stanley now owns 207,689 shares of the medical device company’s stock valued at $16,102,000 after buying an additional 10,577 shares in the last quarter. Strs Ohio acquired a new position in Globus Medical during the 3rd quarter worth approximately $1,643,000. New York State Teachers Retirement System increased its position in Globus Medical by 26.4% during the 3rd quarter. New York State Teachers Retirement System now owns 50,793 shares of the medical device company’s stock worth $3,892,000 after purchasing an additional 10,593 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Globus Medical during the 3rd quarter worth approximately $26,000. Finally, Selective Wealth Management Inc. increased its position in Globus Medical by 100.0% during the 3rd quarter. Selective Wealth Management Inc. now owns 900 shares of the medical device company’s stock worth $69,000 after purchasing an additional 450 shares in the last quarter. 65.34% of the stock is owned by hedge funds and other institutional investors.
NYSE GMED opened at $76.96 on Thursday. Globus Medical has a twelve month low of $62.39 and a twelve month high of $84.23. The stock has a market cap of $7.82 billion, a price-to-earnings ratio of 53.82, a PEG ratio of 3.44 and a beta of 1.10. The firm’s 50 day moving average price is $70.47 and its two-hundred day moving average price is $71.53.
About Globus Medical (Get Rating)
Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.
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