Globus Medical (NYSE:GMED) updated its FY 2018 earnings guidance on Thursday. The company provided earnings per share guidance of $1.62-1.62 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.55. The company issued revenue guidance of $705-705 million, compared to the consensus revenue estimate of $701.41 million.Globus Medical also updated its FY18 guidance to $1.62 EPS.
A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Globus Medical from a sell rating to a hold rating in a research report on Tuesday, October 16th. Morgan Stanley raised their price objective on Globus Medical from $60.00 to $64.00 and gave the stock a buy rating in a research report on Tuesday, September 25th. Oppenheimer set a $57.00 price objective on Globus Medical and gave the stock a hold rating in a research report on Thursday, August 2nd. Needham & Company LLC raised their price objective on Globus Medical from $58.00 to $65.00 and gave the stock a buy rating in a research report on Thursday, August 2nd. Finally, Piper Jaffray Companies raised their price objective on Globus Medical to $62.00 and gave the stock an overweight rating in a research report on Friday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $56.00.
Shares of GMED traded down $5.58 during midday trading on Friday, reaching $51.86. 1,733,944 shares of the stock were exchanged, compared to its average volume of 745,523. Globus Medical has a 12-month low of $33.00 and a 12-month high of $57.83. The company has a market capitalization of $5.49 billion, a PE ratio of 39.59, a price-to-earnings-growth ratio of 2.86 and a beta of 0.65.
Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.06. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. The company had revenue of $169.20 million during the quarter, compared to the consensus estimate of $167.47 million. During the same period last year, the business earned $0.30 EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. Equities analysts forecast that Globus Medical will post 1.55 earnings per share for the current year.
In other news, Chairman David C. Paul sold 707,191 shares of the firm’s stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $54.01, for a total transaction of $38,195,385.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 28.44% of the stock is owned by company insiders.
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About Globus Medical
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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