FY2020 EPS Estimates for Globus Medical Inc Increased by Analyst (GMED)

Globus Medical Inc (NYSE:GMED) – Research analysts at Gabelli upped their FY2020 earnings per share (EPS) estimates for Globus Medical in a report issued on Monday. Gabelli analyst J. Tsai now anticipates that the medical device company will post earnings of $1.65 per share for the year, up from their prior forecast of $1.60. Gabelli has a “Buy” rating on the stock. Gabelli also issued estimates for Globus Medical’s FY2021 earnings at $1.80 EPS.

Globus Medical (NYSE:GMED) last announced its earnings results on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $151.74 million during the quarter, compared to analyst estimates of $150.73 million. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.29 earnings per share.

GMED has been the subject of several other reports. BidaskClub upgraded shares of Globus Medical from a “sell” rating to a “hold” rating in a research report on Saturday, October 7th. Oppenheimer restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 30th. Wells Fargo & Company upgraded shares of Globus Medical from a “market perform” rating to an “outperform” rating and set a $46.00 target price for the company in a research report on Monday, December 4th. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Finally, Canaccord Genuity restated a “buy” rating and set a $38.00 target price on shares of Globus Medical in a research report on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. Globus Medical presently has a consensus rating of “Hold” and an average target price of $36.83.

Shares of Globus Medical (NYSE GMED) traded down $0.46 during midday trading on Tuesday, reaching $38.53. 359,085 shares of the company traded hands, compared to its average volume of 685,705. The company has a market capitalization of $3,703.73, a price-to-earnings ratio of 30.74, a price-to-earnings-growth ratio of 2.92 and a beta of 0.58. Globus Medical has a 12 month low of $23.44 and a 12 month high of $41.70.

In other Globus Medical news, Director David D. Davidar sold 55,383 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.66, for a total value of $2,251,872.78. Following the completion of the transaction, the director now directly owns 752,236 shares in the company, valued at $30,585,915.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Anthony L. Williams sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $38.30, for a total transaction of $574,500.00. Following the completion of the transaction, the president now owns 15,000 shares of the company’s stock, valued at $574,500. The disclosure for this sale can be found here. Over the last quarter, insiders sold 121,832 shares of company stock valued at $4,627,088. Company insiders own 28.21% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its holdings in shares of Globus Medical by 19.9% in the second quarter. SG Americas Securities LLC now owns 47,862 shares of the medical device company’s stock worth $1,587,000 after buying an additional 7,937 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Globus Medical by 26.2% in the second quarter. Goldman Sachs Group Inc. now owns 166,090 shares of the medical device company’s stock worth $5,505,000 after buying an additional 34,513 shares in the last quarter. Retirement Systems of Alabama lifted its holdings in shares of Globus Medical by 45.6% in the third quarter. Retirement Systems of Alabama now owns 135,562 shares of the medical device company’s stock worth $4,029,000 after buying an additional 42,481 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Globus Medical by 1.4% in the second quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock worth $189,355,000 after buying an additional 76,345 shares in the last quarter. Finally, AJO LP purchased a new position in shares of Globus Medical in the second quarter worth $1,262,000. 72.20% of the stock is currently owned by hedge funds and other institutional investors.

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Globus Medical Company Profile

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

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