$167.71 Million in Sales Expected for Globus Medical Inc (GMED) This Quarter

Brokerages forecast that Globus Medical Inc (NYSE:GMED) will post $167.71 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Globus Medical’s earnings, with the highest sales estimate coming in at $169.15 million and the lowest estimate coming in at $166.40 million. Globus Medical reported sales of $152.39 million in the same quarter last year, which would suggest a positive year over year growth rate of 10.1%. The company is scheduled to report its next earnings results on Wednesday, August 1st.

According to Zacks, analysts expect that Globus Medical will report full-year sales of $696.38 million for the current financial year, with estimates ranging from $695.00 million to $700.00 million. For the next fiscal year, analysts forecast that the business will report sales of $759.19 million per share, with estimates ranging from $752.00 million to $775.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Globus Medical.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Wednesday, May 2nd. The medical device company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Globus Medical had a return on equity of 14.51% and a net margin of 18.05%. The firm had revenue of $174.41 million for the quarter, compared to analysts’ expectations of $167.95 million. During the same period in the previous year, the firm posted $0.32 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year.

A number of analysts have recently commented on the company. ValuEngine raised Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 26th. Zacks Investment Research raised Globus Medical from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 24th. Canaccord Genuity reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Globus Medical in a research report on Monday, March 12th. BTIG Research reaffirmed a “neutral” rating and issued a $37.00 price objective on shares of Globus Medical in a research report on Monday, April 16th. Finally, Needham & Company LLC upped their price objective on Globus Medical from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, May 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Globus Medical currently has an average rating of “Buy” and a consensus target price of $51.56.

Shares of GMED opened at $51.07 on Friday. Globus Medical has a 52 week low of $49.70 and a 52 week high of $50.69. The company has a market capitalization of $4.84 billion, a PE ratio of 38.98, a P/E/G ratio of 2.67 and a beta of 0.42.

In other news, insider David C. Paul sold 827,004 shares of the stock in a transaction on Monday, April 30th. The stock was sold at an average price of $51.81, for a total transaction of $42,847,077.24. Following the transaction, the insider now directly owns 1,096,461 shares of the company’s stock, valued at approximately $56,807,644.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Eric Schwartz sold 24,000 shares of the stock in a transaction on Wednesday, March 28th. The shares were sold at an average price of $50.00, for a total value of $1,200,000.00. Following the transaction, the vice president now directly owns 24,000 shares in the company, valued at $1,200,000. The disclosure for this sale can be found here. Insiders have sold a total of 1,876,004 shares of company stock worth $96,809,327 over the last three months. Insiders own 28.44% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC bought a new position in shares of Globus Medical during the 1st quarter valued at $106,000. Thompson Davis & CO. Inc. lifted its holdings in shares of 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 valued at $120,000 after buying an additional 2,275 shares during the period. C M Bidwell & Associates Ltd. bought a new position in shares of Globus Medical during the 1st quarter valued at $126,000. Smithfield Trust Co. lifted its holdings in shares of 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 valued at $171,000 after buying an additional 3,340 shares during the period. Finally, Sciencast Management LP bought a new position in shares of Globus Medical during the 1st quarter valued at $202,000. 65.93% of the stock is currently owned by hedge funds and other institutional investors.

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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