Globus Medical Inc (NYSE:GMED) – Analysts at Gabelli raised their FY2019 earnings estimates for Globus Medical in a research report issued to clients and investors on Monday. Gabelli analyst J. Tsai now expects that the medical device company will post earnings per share of $1.50 for the year, up from their prior forecast of $1.45. Gabelli has a “Buy” rating on the stock.
Globus Medical (NYSE:GMED) last released its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.30. The firm had revenue of $151.74 million during the quarter, compared to analysts’ expectations of $150.73 million. Globus Medical had a return on equity of 13.67% and a net margin of 17.54%. Globus Medical’s revenue was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 earnings per share.
Several other research firms have also recently issued reports on GMED. ValuEngine cut Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Wells Fargo & Company raised Globus Medical from a “market perform” rating to an “outperform” rating and set a $46.00 target price on the stock in a report on Monday, December 4th. BTIG Research set a $42.00 target price on Globus Medical and gave the company a “buy” rating in a report on Monday, November 20th. Zacks Investment Research raised Globus Medical from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Finally, BidaskClub raised Globus Medical from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $36.83.
Globus Medical (GMED) traded down $0.46 during trading hours on Wednesday, reaching $38.53. The company’s stock had a trading volume of 359,085 shares, compared to its average volume of 685,705. The stock has a market capitalization of $3,703.73, a PE ratio of 30.74, a price-to-earnings-growth ratio of 2.92 and a beta of 0.58. Globus Medical has a 1 year low of $23.44 and a 1 year high of $41.70.
In other news, Director David D. Davidar sold 55,383 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $40.66, for a total value of $2,251,872.78. Following the transaction, the director now directly owns 752,236 shares in the company, valued at approximately $30,585,915.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider A Brett Murphy sold 51,449 shares of the firm’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $35.00, for a total value of $1,800,715.00. Following the completion of the transaction, the insider now owns 49,768 shares in the company, valued at $1,741,880. The disclosure for this sale can be found here. Insiders have sold 121,832 shares of company stock worth $4,627,088 over the last quarter. 28.21% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its holdings in shares of Globus Medical by 1.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after buying an additional 35 shares during the period. Sei Investments Co. raised its holdings in shares of Globus Medical by 18.9% during the 2nd quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after buying an additional 503 shares during the period. Advisor Group Inc. raised its holdings in shares of Globus Medical by 2.0% during the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after buying an additional 68 shares during the period. Turner Investments LLC acquired a new stake in Globus Medical during the 2nd quarter valued at approximately $166,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Globus Medical during the 3rd quarter valued at approximately $177,000. Institutional investors and hedge funds own 72.20% of the company’s stock.
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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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