Globus Medical (NYSE:GMED) Releases FY 2022 Earnings Guidance

Globus Medical (NYSE:GMEDGet Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.10-$2.10 for the period, compared to the consensus estimate of $2.10. The company issued revenue guidance of $1.02 billion-$1.02 billion, compared to the consensus revenue estimate of $1.03 billion.

GMED stock opened at $66.15 on Friday. Globus Medical has a twelve month low of $57.21 and a twelve month high of $84.23. The firm has a market cap of $6.72 billion, a PE ratio of 48.64, a price-to-earnings-growth ratio of 2.76 and a beta of 1.11. The business has a 50 day moving average of $69.97 and a 200 day moving average of $69.44.

Globus Medical (NYSE:GMEDGet Rating) last posted its earnings results on Tuesday, May 10th. The medical device company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.05). The business had revenue of $230.55 million during the quarter, compared to the consensus estimate of $232.88 million. Globus Medical had a return on equity of 11.95% and a net margin of 14.77%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.49 EPS. On average, equities research analysts predict that Globus Medical will post 2.1 earnings per share for the current year.

A number of analysts have commented on GMED shares. Wells Fargo & Company reduced their target price on Globus Medical from $80.00 to $70.00 in a report on Wednesday, May 11th. Morgan Stanley reduced their target price on Globus Medical from $82.00 to $74.00 and set an equal weight rating for the company in a report on Tuesday, February 22nd. Credit Suisse Group reduced their target price on Globus Medical from $95.00 to $91.00 and set an outperform rating for the company in a report on Friday, February 18th. Zacks Investment Research lowered Globus Medical from a buy rating to a hold rating and set a $70.00 price objective for the company. in a report on Tuesday, February 22nd. Finally, Needham & Company LLC cut their price objective on Globus Medical from $92.00 to $76.00 and set a buy rating for the company in a report on Friday, February 18th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Buy and a consensus target price of $83.31.

In related news, Director David D. Davidar sold 31,500 shares of Globus Medical stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $78.03, for a total transaction of $2,457,945.00. Following the transaction, the director now directly owns 601,275 shares in the company, valued at $46,917,488.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James R. Tobin sold 10,000 shares of Globus Medical stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $70.04, for a total value of $700,400.00. The disclosure for this sale can be found here. Insiders have sold 48,484 shares of company stock worth $3,670,143 over the last quarter. 24.75% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in GMED. William Blair Investment Management LLC lifted its position in shares of Globus Medical by 90.2% in the fourth quarter. William Blair Investment Management LLC now owns 317,684 shares of the medical device company’s stock valued at $22,937,000 after acquiring an additional 150,617 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Globus Medical by 24.8% in the first quarter. Dimensional Fund Advisors LP now owns 754,957 shares of the medical device company’s stock valued at $55,704,000 after acquiring an additional 150,144 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of Globus Medical by 41.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 509,251 shares of the medical device company’s stock valued at $37,573,000 after acquiring an additional 148,621 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Globus Medical by 18.2% in the fourth quarter. Legal & General Group Plc now owns 414,263 shares of the medical device company’s stock valued at $29,910,000 after acquiring an additional 63,651 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Globus Medical by 2.9% in the first quarter. State Street Corp now owns 2,219,112 shares of the medical device company’s stock valued at $163,726,000 after acquiring an additional 62,156 shares in the last quarter. Institutional investors and hedge funds own 67.19% of the company’s stock.

Globus Medical Company Profile (Get Rating)

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.

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

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