Globus Medical (NYSE:GMED) Updates FY 2021 Earnings Guidance

Globus Medical (NYSE:GMED) updated its FY 2021 earnings guidance on Thursday. The company provided earnings per share guidance of $2.000-$2.000 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.010. The company issued revenue guidance of $950 million-$950 million, compared to the consensus revenue estimate of $952.13 million.

A number of brokerages recently issued reports on GMED. Loop Capital began coverage on Globus Medical in a report on Thursday, October 28th. They issued a buy rating and a $100.00 target price on the stock. Canaccord Genuity lifted their target price on Globus Medical from $80.00 to $90.00 and gave the stock a buy rating in a report on Thursday, August 5th. Wells Fargo & Company lifted their target price on Globus Medical from $78.00 to $90.00 and gave the stock an overweight rating in a report on Thursday, August 5th. Morgan Stanley lifted their target price on Globus Medical from $77.00 to $80.00 and gave the stock an equal weight rating in a report on Thursday, August 5th. Finally, SVB Leerink lifted their target price on Globus Medical from $88.00 to $96.00 and gave the stock an outperform rating in a report on Thursday, August 5th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $86.23.

Shares of GMED stock traded up $0.13 on Thursday, reaching $66.91. 373,602 shares of the company’s stock traded hands, compared to its average volume of 453,058. Globus Medical has a 12-month low of $58.87 and a 12-month high of $84.23. The company has a market capitalization of $6.75 billion, a P/E ratio of 36.97, a price-to-earnings-growth ratio of 3.18 and a beta of 1.05. The business’s 50 day moving average price is $76.34 and its two-hundred day moving average price is $76.87.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, November 4th. The medical device company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.05. The business had revenue of $229.72 million for the quarter, compared to the consensus estimate of $228.28 million. Globus Medical had a return on equity of 13.66% and a net margin of 19.87%. Globus Medical’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. On average, equities research analysts expect that Globus Medical will post 2.02 EPS for the current year.

A hedge fund recently raised its stake in Globus Medical stock. Morgan Stanley boosted its position in shares of Globus Medical, Inc. (NYSE:GMED) by 5.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 207,689 shares of the medical device company’s stock after purchasing an additional 10,577 shares during the period. Morgan Stanley owned 0.21% of Globus Medical worth $16,102,000 at the end of the most recent reporting period. 66.65% of the stock is owned by institutional investors and hedge funds.

About Globus Medical

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

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