Globus Medical (NYSE:GMED) posted its quarterly earnings data on Thursday. The medical device company reported $0.41 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.41, Bloomberg Earnings reports. The company had revenue of $150.55 million for the quarter, compared to analysts’ expectations of $184.93 million. Globus Medical had a net margin of 19.30% and a return on equity of 13.57%. Globus Medical’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share. Globus Medical updated its FY 2019 guidance to $1.72-1.72 EPS and its FY19 guidance to $1.75 EPS.
NYSE GMED traded up $3.71 on Friday, reaching $50.10. 3,179,893 shares of the company’s stock traded hands, compared to its average volume of 575,149. Globus Medical has a 12 month low of $38.01 and a 12 month high of $57.83. The stock has a 50-day moving average price of $42.48. The firm has a market cap of $4.59 billion, a PE ratio of 30.00, a PEG ratio of 2.37 and a beta of 0.89.
A number of brokerages have commented on GMED. Zacks Investment Research upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research report on Wednesday, April 24th. Morgan Stanley set a $45.00 price target on shares of Globus Medical and gave the company a “hold” rating in a research report on Wednesday, June 5th. Wells Fargo & Co cut shares of Globus Medical from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $50.00 to $41.00 in a research report on Friday, May 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $56.00 price target (up from $52.00) on shares of Globus Medical in a research report on Friday. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $54.90.
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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