Globus Medical Inc to Post FY2020 Earnings of $1.91 Per Share, Oppenheimer Forecasts (NYSE:GMED)

Globus Medical Inc (NYSE:GMED) – Equities researchers at Oppenheimer lifted their FY2020 EPS estimates for Globus Medical in a research report issued on Thursday, November 7th. Oppenheimer analyst S. Lichtman now expects that the medical device company will post earnings of $1.91 per share for the year, up from their prior forecast of $1.90.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Wednesday, November 6th. The medical device company reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The business had revenue of $196.22 million during the quarter, compared to the consensus estimate of $185.86 million. Globus Medical had a net margin of 19.30% and a return on equity of 13.29%. Globus Medical’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS.

A number of other analysts also recently weighed in on GMED. Cantor Fitzgerald increased their price target on shares of Globus Medical from $55.00 to $64.00 and gave the company an “overweight” rating in a report on Thursday. Zacks Investment Research raised shares of Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 price target for the company in a report on Tuesday, August 6th. Piper Jaffray Companies increased their price target on shares of Globus Medical from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday. Morgan Stanley increased their price target on shares of Globus Medical from $45.00 to $57.00 and gave the company an “equal weight” rating in a report on Friday. Finally, BTIG Research reissued a “hold” rating on shares of Globus Medical in a report on Thursday. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Globus Medical presently has a consensus rating of “Buy” and an average target price of $58.22.

NYSE GMED opened at $55.72 on Friday. The company has a fifty day simple moving average of $51.06 and a 200 day simple moving average of $46.42. The company has a market cap of $5.24 billion, a P/E ratio of 33.37, a P/E/G ratio of 2.74 and a beta of 0.95. Globus Medical has a 1 year low of $38.01 and a 1 year high of $56.34.

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In other Globus Medical news, Director David D. Davidar sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.33, for a total value of $2,466,500.00. Following the completion of the sale, the director now owns 754,775 shares in the company, valued at approximately $37,233,050.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kelly Huller sold 3,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $52.90, for a total transaction of $158,700.00. Following the completion of the sale, the senior vice president now owns 6,384 shares of the company’s stock, valued at approximately $337,713.60. The disclosure for this sale can be found here. Company insiders own 24.97% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Financial Gravity Wealth Inc. bought a new position in shares of Globus Medical in the 2nd quarter valued at about $25,000. Steward Partners Investment Advisory LLC bought a new position in shares of Globus Medical in the 2nd quarter valued at about $26,000. Advisory Services Network LLC boosted its stake in shares of Globus Medical by 620.0% in the 2nd quarter. Advisory Services Network LLC now owns 792 shares of the medical device company’s stock valued at $34,000 after purchasing an additional 682 shares during the last quarter. Quest Capital Management Inc. ADV bought a new position in shares of Globus Medical in the 3rd quarter valued at about $45,000. Finally, Oakworth Capital Inc. bought a new position in shares of Globus Medical in the 2nd quarter valued at about $38,000. 68.00% of the stock is currently owned by institutional investors.

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 a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

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Earnings History and Estimates for Globus Medical (NYSE:GMED)

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