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

Globus Medical (NYSE:GMEDGet Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided EPS guidance of $2.10-$2.10 for the period, compared to the consensus EPS 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.

Several research analysts recently weighed in on the company. Zacks Investment Research cut Globus Medical from a buy rating to a hold rating and set a $70.00 price target for the company. in a research report on Tuesday, February 22nd. Canaccord Genuity Group reduced their price target on Globus Medical from $80.00 to $75.00 in a research report on Wednesday, May 11th. Needham & Company LLC reduced their price target on Globus Medical from $92.00 to $76.00 and set a buy rating for the company in a research report on Friday, February 18th. StockNews.com assumed coverage on Globus Medical in a research report on Thursday, March 31st. They set a hold rating for the company. Finally, Morgan Stanley reduced their price target on Globus Medical from $82.00 to $74.00 and set an equal weight rating for the company in a research report on Tuesday, February 22nd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $83.31.

Shares of Globus Medical stock traded down $0.52 on Tuesday, reaching $65.48. The company’s stock had a trading volume of 556,107 shares, compared to its average volume of 738,375. The company has a market capitalization of $6.65 billion, a P/E ratio of 48.12, a PEG ratio of 2.76 and a beta of 1.11. Globus Medical has a 52-week low of $57.21 and a 52-week high of $84.23. The stock has a 50-day moving average price of $70.13 and a 200-day moving average price of $69.57.

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

In other Globus Medical news, Director David D. Davidar sold 31,500 shares of the business’s 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 owns 601,275 shares of the company’s stock, valued at $46,917,488.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction on Friday, April 8th. The stock was sold at an average price of $75.58, for a total value of $188,950.00. The disclosure for this sale can be found here. Insiders sold 48,484 shares of company stock worth $3,670,143 over the last ninety days. Corporate insiders own 24.75% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA boosted its stake in Globus Medical by 237.8% during the first quarter. BNP Paribas Arbitrage SA now owns 51,867 shares of the medical device company’s stock worth $3,827,000 after buying an additional 36,513 shares during the last quarter. Gamco Investors INC. ET AL raised its position in Globus Medical by 5.9% in the first quarter. Gamco Investors INC. ET AL now owns 4,622 shares of the medical device company’s stock valued at $341,000 after purchasing an additional 259 shares during the period. Walleye Capital LLC raised its position in Globus Medical by 37.2% in the first quarter. Walleye Capital LLC now owns 155,726 shares of the medical device company’s stock valued at $11,489,000 after purchasing an additional 42,211 shares during the period. Eaton Vance Management raised its position in Globus Medical by 1,602.1% in the first quarter. Eaton Vance Management now owns 27,659 shares of the medical device company’s stock valued at $2,042,000 after purchasing an additional 26,034 shares during the period. Finally, Guggenheim Capital LLC raised its position in Globus Medical by 9.7% in the first quarter. Guggenheim Capital LLC now owns 5,575 shares of the medical device company’s stock valued at $411,000 after purchasing an additional 494 shares during the period. 67.19% of the stock is currently owned by institutional investors.

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.

See Also

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

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