Globus Medical (NYSE:GMED) Updates FY22 Earnings Guidance

Globus Medical (NYSE:GMEDGet Rating) updated its FY22 earnings guidance on Tuesday. The company provided EPS guidance of $2.10 for the period, compared to the consensus EPS estimate of $2.10. The company issued revenue guidance of $1.025 billion, compared to the consensus revenue estimate of $1.03 billion.Globus Medical also updated its FY 2022 guidance to $2.10-$2.10 EPS.

Several equities research analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Globus Medical from $82.00 to $74.00 and set an equal weight rating for the company in a research note on Tuesday, February 22nd. Needham & Company LLC decreased their target price on shares of 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 initiated coverage on shares of Globus Medical in a research report on Thursday, March 31st. They set a hold rating for the company. Wells Fargo & Company decreased their target price on shares of Globus Medical from $80.00 to $70.00 in a research report on Wednesday. Finally, Credit Suisse Group decreased their target price on shares of Globus Medical from $95.00 to $91.00 and set an outperform rating for the company in a research report on Friday, February 18th. Three 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 an average rating of Buy and a consensus target price of $84.00.

GMED opened at $61.22 on Wednesday. Globus Medical has a fifty-two week low of $59.24 and a fifty-two week high of $84.23. The company has a fifty day moving average of $71.08 and a two-hundred day moving average of $70.48. The stock has a market capitalization of $6.22 billion, a price-to-earnings ratio of 42.81, a PEG ratio of 2.94 and a beta of 1.11.

Globus Medical (NYSE:GMEDGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The medical device company reported $0.42 earnings per share 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 analysts’ expectations of $232.88 million. Globus Medical had a net margin of 15.57% and a return on equity of 12.69%. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 EPS. On average, analysts predict that Globus Medical will post 2.1 earnings per share for the current year.

In related news, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction dated Friday, April 8th. The shares were sold at an average price of $75.58, for a total transaction of $188,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David D. Davidar sold 31,500 shares of the company’s stock in a transaction dated Tuesday, April 19th. The shares were sold at an average price of $78.03, for a total transaction of $2,457,945.00. Following the sale, the director now directly owns 601,275 shares of the company’s stock, valued at approximately $46,917,488.25. The disclosure for this sale can be found here. Insiders have sold 48,484 shares of company stock valued at $3,670,143 in the last three months. Corporate insiders own 16.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC acquired a new position in Globus Medical in the 4th quarter valued at about $229,000. MML Investors Services LLC boosted its holdings in Globus Medical by 9.8% in the 4th quarter. MML Investors Services LLC now owns 4,456 shares of the medical device company’s stock valued at $322,000 after purchasing an additional 399 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new position in Globus Medical in the 4th quarter valued at about $327,000. Guggenheim Capital LLC boosted its holdings in Globus Medical by 39.0% in the 4th quarter. Guggenheim Capital LLC now owns 5,081 shares of the medical device company’s stock valued at $367,000 after purchasing an additional 1,426 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY boosted its holdings in Globus Medical by 10.1% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 14,313 shares of the medical device company’s stock valued at $1,033,000 after purchasing an additional 1,310 shares during the last quarter. 67.19% of the stock is 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)

Receive News & Ratings for Globus Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globus Medical and related companies with MarketBeat.com's FREE daily email newsletter.