$167.39 Million in Sales Expected for Globus Medical Inc (GMED) This Quarter

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Analysts predict that Globus Medical Inc (NYSE:GMED) will post $167.39 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for Globus Medical’s earnings. The highest sales estimate is $168.20 million and the lowest is $166.20 million. Globus Medical posted sales of $151.74 million in the same quarter last year, which suggests a positive year-over-year growth rate of 10.3%. The company is scheduled to issue its next earnings results on Wednesday, November 14th.

On average, analysts expect that Globus Medical will report full-year sales of $701.22 million for the current year, with estimates ranging from $700.00 million to $703.99 million. For the next financial year, analysts expect that the company will post sales of $763.93 million per share, with estimates ranging from $759.66 million to $775.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Globus Medical.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, August 1st. The medical device company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.09. The business had revenue of $173.40 million during the quarter, compared to the consensus estimate of $168.03 million. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The business’s revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 EPS.

A number of brokerages have recently issued reports on GMED. Cantor Fitzgerald began coverage on shares of Globus Medical in a report on Thursday, May 31st. They set an “overweight” rating and a $65.00 price target for the company. Leerink Swann raised their price target on shares of Globus Medical from $60.00 to $61.00 and gave the stock an “outperform” rating in a report on Wednesday, May 30th. Oppenheimer set a $57.00 price target on shares of Globus Medical and gave the stock a “hold” rating in a report on Thursday, August 2nd. Needham & Company LLC raised their price target on shares of Globus Medical from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Finally, Morgan Stanley raised their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $54.36.

Shares of NYSE GMED traded down $0.23 during midday trading on Monday, reaching $52.18. 504,052 shares of the stock were exchanged, compared to its average volume of 658,183. The company has a market capitalization of $5.14 billion, a P/E ratio of 39.83, a P/E/G ratio of 2.68 and a beta of 0.57. Globus Medical has a twelve month low of $27.79 and a twelve month high of $57.55.

In related news, insider David C. Paul sold 6,841 shares of Globus Medical stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $52.95, for a total value of $362,230.95. Following the completion of the sale, the insider now owns 605,871 shares in the company, valued at approximately $32,080,869.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Steven Payne sold 20,771 shares of Globus Medical stock in a transaction that occurred on Thursday, May 31st. The shares were sold at an average price of $55.81, for a total transaction of $1,159,229.51. The disclosure for this sale can be found here. Insiders sold a total of 159,279 shares of company stock valued at $8,889,746 in the last quarter. 28.44% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund increased its holdings in Globus Medical by 4.0% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 28,161 shares of the medical device company’s stock valued at $1,421,000 after purchasing an additional 1,071 shares during the last quarter. OppenheimerFunds Inc. increased its holdings in Globus Medical by 28.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 5,173 shares of the medical device company’s stock valued at $261,000 after purchasing an additional 1,143 shares during the last quarter. Retirement Systems of Alabama increased its holdings in Globus Medical by 1.2% in the 2nd quarter. Retirement Systems of Alabama now owns 94,901 shares of the medical device company’s stock valued at $4,789,000 after purchasing an additional 1,150 shares during the last quarter. Strs Ohio increased its holdings in Globus Medical by 3.7% in the 2nd quarter. Strs Ohio now owns 33,300 shares of the medical device company’s stock valued at $1,680,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in Globus Medical by 15.1% in the 2nd quarter. Amalgamated Bank now owns 11,684 shares of the medical device company’s stock valued at $590,000 after purchasing an additional 1,531 shares during the last quarter. Hedge funds and other institutional investors own 62.77% of the company’s stock.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.

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