Analysts expect that Globus Medical Inc (NYSE:GMED) will report $185.39 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Globus Medical’s earnings, with the highest sales estimate coming in at $186.86 million and the lowest estimate coming in at $182.60 million. Globus Medical reported sales of $174.41 million in the same quarter last year, which indicates a positive year over year growth rate of 6.3%. The company is scheduled to announce its next earnings report on Wednesday, May 1st.
On average, analysts expect that Globus Medical will report full-year sales of $769.96 million for the current financial year, with estimates ranging from $769.02 million to $770.50 million. For the next year, analysts expect that the firm will post sales of $833.16 million, with estimates ranging from $812.67 million to $856.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Globus Medical.
Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, February 21st. The medical device company reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.03. Globus Medical had a net margin of 21.95% and a return on equity of 15.22%. The company had revenue of $195.94 million during the quarter, compared to the consensus estimate of $195.50 million.
GMED has been the topic of several recent research reports. Zacks Investment Research lowered Globus Medical from a “hold” rating to a “sell” rating in a report on Thursday, February 28th. Oppenheimer reissued a “hold” rating on shares of Globus Medical in a report on Tuesday, March 19th. Credit Suisse Group started coverage on Globus Medical in a report on Monday, December 17th. They set an “outperform” rating and a $53.00 price objective on the stock. ValuEngine downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Finally, UBS Group upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $55.00 target price for the company in a report on Thursday, February 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $56.36.
In other Globus Medical news, SVP Kelly Huller sold 3,000 shares of Globus Medical stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $48.59, for a total value of $145,770.00. Following the transaction, the senior vice president now directly owns 12,384 shares of the company’s stock, valued at approximately $601,738.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Anthony L. Williams sold 212,082 shares of Globus Medical stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $46.83, for a total value of $9,931,800.06. Following the completion of the transaction, the president now directly owns 89,583 shares in the company, valued at $4,195,171.89. The disclosure for this sale can be found here. Insiders have sold 426,852 shares of company stock valued at $20,061,774 over the last 90 days. Corporate insiders own 28.44% of the company’s stock.
Several institutional investors have recently made changes to their positions in GMED. Investec Asset Management LTD bought a new position in Globus Medical during the fourth quarter worth $64,761,000. Oregon Public Employees Retirement Fund boosted its holdings in Globus Medical by 4,284.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,250,619 shares of the medical device company’s stock valued at $29,000 after purchasing an additional 1,222,096 shares during the period. Norges Bank acquired a new stake in Globus Medical in the 4th quarter worth $43,840,000. Marshall Wace LLP acquired a new stake in Globus Medical in the 3rd quarter worth $48,854,000. Finally, BlackRock Inc. grew its position in Globus Medical by 2.8% in the 3rd quarter. BlackRock Inc. now owns 9,456,276 shares of the medical device company’s stock worth $536,739,000 after purchasing an additional 254,550 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.
Shares of GMED stock traded up $0.40 on Monday, hitting $48.24. The company’s stock had a trading volume of 456,695 shares, compared to its average volume of 592,647. Globus Medical has a fifty-two week low of $38.01 and a fifty-two week high of $57.83. The firm has a market cap of $4.72 billion, a PE ratio of 28.89, a PEG ratio of 2.44 and a beta of 0.86.
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 a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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