Roth Capital Decreases Earnings Estimates for Globus Medical

Globus Medical, Inc. (NYSE:GMED) – Roth Capital reduced their FY2024 EPS estimates for Globus Medical in a research report issued to clients and investors on Monday, January 27th. Roth Capital analyst J. Wittes now anticipates that the medical device company will earn $3.00 per share for the year, down from their previous estimate of $3.03. The consensus estimate for Globus Medical’s current full-year earnings is $2.98 per share. Roth Capital also issued estimates for Globus Medical’s Q4 2024 earnings at $0.79 EPS, Q2 2025 earnings at $0.84 EPS, Q4 2025 earnings at $0.96 EPS, FY2025 earnings at $3.44 EPS, FY2026 earnings at $4.30 EPS and FY2027 earnings at $4.76 EPS.

Several other analysts have also commented on GMED. Royal Bank of Canada increased their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Thursday, January 9th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Trading Up 1.0 %

Shares of NYSE GMED opened at $92.92 on Wednesday. The stock has a market cap of $12.65 billion, a price-to-earnings ratio of 138.69, a PEG ratio of 1.78 and a beta of 1.19. The company’s 50-day moving average price is $85.31 and its 200 day moving average price is $76.99. Globus Medical has a 52 week low of $49.33 and a 52 week high of $93.67.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the prior year, the firm posted $0.57 EPS. The company’s revenue was up 63.1% compared to the same quarter last year.

Insider Activity

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders sold 81,667 shares of company stock valued at $6,674,554 in the last ninety days. Company insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

Hedge funds have recently made changes to their positions in the stock. ArrowMark Colorado Holdings LLC acquired a new stake in Globus Medical in the third quarter valued at $43,947,000. Lord Abbett & CO. LLC bought a new position in shares of Globus Medical during the third quarter worth about $37,948,000. Parsifal Capital Management LP grew its stake in Globus Medical by 50.5% in the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after purchasing an additional 453,053 shares in the last quarter. Artemis Investment Management LLP bought a new stake in Globus Medical in the third quarter valued at about $30,656,000. Finally, Massachusetts Financial Services Co. MA acquired a new stake in Globus Medical during the third quarter valued at approximately $26,406,000. Institutional investors and hedge funds own 95.16% 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.