Jefferies Financial Group Comments on Globus Medical, Inc.’s FY2022 Earnings (NYSE:GMED)

Globus Medical, Inc. (NYSE:GMEDGet Rating) – Stock analysts at Jefferies Financial Group decreased their FY2022 earnings per share estimates for shares of Globus Medical in a note issued to investors on Wednesday, November 9th. Jefferies Financial Group analyst M. Taylor now expects that the medical device company will post earnings per share of $2.03 for the year, down from their prior estimate of $2.11. Jefferies Financial Group currently has a “Buy” rating and a $75.00 price target on the stock. The consensus estimate for Globus Medical’s current full-year earnings is $2.10 per share. Jefferies Financial Group also issued estimates for Globus Medical’s Q4 2022 earnings at $0.55 EPS, FY2023 earnings at $2.29 EPS and FY2024 earnings at $2.58 EPS.

A number of other brokerages have also recently commented on GMED. Piper Sandler decreased their price target on Globus Medical from $80.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, August 5th. Morgan Stanley lifted their price target on Globus Medical from $66.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Truist Financial decreased their price target on Globus Medical from $76.00 to $71.00 and set a “buy” rating on the stock in a research note on Wednesday, July 20th. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Thursday, November 3rd. Finally, BTIG Research decreased their price target on Globus Medical to $71.00 in a research note on Tuesday, August 9th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.08.

Globus Medical Trading Up 6.8 %

Shares of NYSE GMED opened at $65.76 on Thursday. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 43.55, a P/E/G ratio of 2.73 and a beta of 1.06. Globus Medical has a 1-year low of $52.60 and a 1-year high of $81.78. The stock’s 50-day moving average is $61.96 and its 200 day moving average is $61.53.

Institutional Investors Weigh In On Globus Medical

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in shares of Globus Medical by 0.7% in the first quarter. BlackRock Inc. now owns 7,347,858 shares of the medical device company’s stock worth $542,124,000 after purchasing an additional 48,913 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in Globus Medical by 125.8% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,562,730 shares of the medical device company’s stock valued at $256,152,000 after acquiring an additional 2,542,264 shares during the last quarter. Wellington Management Group LLP increased its position in Globus Medical by 0.6% during the first quarter. Wellington Management Group LLP now owns 3,236,599 shares of the medical device company’s stock valued at $238,796,000 after acquiring an additional 20,375 shares during the last quarter. State Street Corp increased its position in Globus Medical by 2.9% during 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 during the last quarter. Finally, William Blair Investment Management LLC increased its position in Globus Medical by 375.9% during the second quarter. William Blair Investment Management LLC now owns 1,734,795 shares of the medical device company’s stock valued at $97,391,000 after acquiring an additional 1,370,271 shares during the last quarter. 73.08% of the stock is owned by institutional investors.

About Globus Medical

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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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