Globus Medical Inc (GMED) Expected to Announce Quarterly Sales of $185.39 Million

Equities analysts expect Globus Medical Inc (NYSE:GMED) to announce sales of $185.39 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Globus Medical’s earnings. The lowest sales estimate is $182.60 million and the highest is $186.86 million. Globus Medical posted sales of $174.41 million in the same quarter last year, which would indicate a positive year over year growth rate of 6.3%. The company is expected to issue its next quarterly 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 company will post sales of $833.16 million, with estimates ranging from $812.67 million to $856.00 million. Zacks’ sales averages are an average based on a survey of research firms that cover Globus Medical.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, February 21st. The medical device company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. The business had revenue of $195.94 million for the quarter, compared to analysts’ expectations of $195.50 million. Globus Medical had a net margin of 21.95% and a return on equity of 15.22%.

A number of equities analysts recently commented on the company. Morgan Stanley lowered Globus Medical from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $64.00 to $49.00 in a research note on Wednesday, January 2nd. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Globus Medical in a research note on Friday, March 1st. UBS Group raised Globus Medical from a “neutral” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Thursday, February 28th. ValuEngine cut Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, January 4th. Finally, Credit Suisse Group assumed coverage on Globus Medical in a research report on Monday, December 17th. They set an “outperform” rating and a $53.00 target price for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.36.

In other Globus Medical news, SVP Kelly Huller sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $48.59, for a total transaction of $145,770.00. Following the sale, the senior vice president now directly owns 12,384 shares in the company, valued at $601,738.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Anthony L. Williams sold 212,082 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $46.83, for a total value of $9,931,800.06. Following the sale, the president now owns 89,583 shares in the company, valued at $4,195,171.89. The disclosure for this sale can be found here. In the last quarter, insiders sold 426,852 shares of company stock valued at $20,061,774. 28.44% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its position in Globus Medical by 4,284.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,250,619 shares of the medical device company’s stock valued at $29,000 after acquiring an additional 1,222,096 shares during the last quarter. PRW Wealth Management LLC purchased a new position in shares of Globus Medical during the 4th quarter worth about $31,000. Ffcm LLC bought a new position in Globus Medical during the 4th quarter valued at about $36,000. Huntington National Bank bought a new position in Globus Medical during the 4th quarter valued at about $38,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Globus Medical in the 4th quarter worth about $117,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shares of GMED stock traded down $0.55 during trading hours on Monday, hitting $47.69. The stock had a trading volume of 583,425 shares, compared to its average volume of 675,190. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of 28.56, a price-to-earnings-growth ratio of 2.46 and a beta of 0.86. Globus Medical has a one year low of $38.01 and a one year high of $57.83.

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

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