Globus Medical, Inc. (NYSE:GMED – Get Rating) – Analysts at Oppenheimer lifted their Q2 2022 earnings per share (EPS) estimates for Globus Medical in a research report issued to clients and investors on Tuesday, May 10th. Oppenheimer analyst S. Lichtman now forecasts that the medical device company will post earnings of $0.55 per share for the quarter, up from their previous forecast of $0.54. Oppenheimer also issued estimates for Globus Medical’s Q4 2022 earnings at $0.62 EPS.
Other equities research analysts have also recently issued reports about the stock. StockNews.com began coverage on shares of Globus Medical in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Zacks Investment Research cut shares of Globus Medical from a “buy” rating to a “hold” rating and set a $70.00 target price on the stock. in a research note on Tuesday, February 22nd. Morgan Stanley reduced their target price on shares of Globus Medical from $82.00 to $74.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 22nd. 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 report on Friday, February 18th. Finally, Canaccord Genuity Group lowered their target price on shares of Globus Medical from $80.00 to $75.00 in a report on Wednesday. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $83.31.
Globus Medical (NYSE:GMED – Get Rating) last released its earnings results on Tuesday, May 10th. The medical device company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.05). Globus Medical had a net margin of 14.77% and a return on equity of 12.10%. The business had revenue of $230.55 million during the quarter, compared to analyst estimates of $232.88 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year.
In other Globus Medical news, Director David D. Davidar sold 31,500 shares of the company’s stock in a transaction dated Tuesday, April 19th. The stock was sold at an average price of $78.03, for a total value of $2,457,945.00. Following the transaction, the director now directly owns 601,275 shares of the company’s stock, valued at approximately $46,917,488.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James R. Tobin sold 10,000 shares of Globus Medical stock in a transaction dated Thursday, March 10th. The stock was 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. Over the last quarter, insiders sold 48,484 shares of company stock valued at $3,670,143. Company insiders own 24.75% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley increased its position in Globus Medical by 5.4% during the 2nd quarter. Morgan Stanley now owns 207,689 shares of the medical device company’s stock valued at $16,102,000 after purchasing an additional 10,577 shares during the period. Commonwealth Equity Services LLC lifted its position in Globus Medical by 35.5% in the third quarter. Commonwealth Equity Services LLC now owns 6,058 shares of the medical device company’s stock valued at $464,000 after buying an additional 1,587 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Globus Medical by 4.1% in the third quarter. PNC Financial Services Group Inc. now owns 9,282 shares of the medical device company’s stock valued at $710,000 after purchasing an additional 362 shares during the last quarter. Advisor Group Holdings Inc. lifted its holdings in shares of Globus Medical by 19.5% during the third quarter. Advisor Group Holdings Inc. now owns 17,757 shares of the medical device company’s stock worth $1,365,000 after purchasing an additional 2,902 shares during the period. Finally, Swiss National Bank increased its position in Globus Medical by 0.6% during the 3rd quarter. Swiss National Bank now owns 171,500 shares of the medical device company’s stock worth $13,140,000 after purchasing an additional 1,100 shares in the last quarter. Institutional investors 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.
- Get a free copy of the StockNews.com research report on Globus Medical (GMED)
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