$175.50 Million in Sales Expected for Globus Medical Inc (GMED) This Quarter

Equities research analysts predict that Globus Medical Inc (NYSE:GMED) will post sales of $175.50 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Globus Medical’s earnings. Globus Medical posted sales of $151.59 million during the same quarter last year, which would indicate a positive year over year growth rate of 15.8%. The firm is expected to report its next quarterly earnings report on Monday, February 26th.

On average, analysts expect that Globus Medical will report full year sales of $175.50 million for the current fiscal year, with estimates ranging from $623.36 million to $635.40 million. For the next year, analysts forecast that the firm will post sales of $689.98 million per share, with estimates ranging from $689.60 million to $690.30 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Globus Medical.

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

GMED has been the subject of several research analyst reports. BidaskClub upgraded Globus Medical from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating in a report on Friday, November 10th. Zacks Investment Research upgraded Globus Medical from a “sell” rating to a “hold” rating in a report on Wednesday, January 10th. ValuEngine cut Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, BTIG Research reiterated a “buy” rating and issued a $37.00 price objective on shares of Globus Medical in a report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $40.57.

Globus Medical (NYSE:GMED) opened at $45.64 on Monday. Globus Medical has a 1 year low of $25.85 and a 1 year high of $47.09. The stock has a market capitalization of $4,398.60, a P/E ratio of 41.49, a P/E/G ratio of 2.67 and a beta of 0.48.

In other Globus Medical news, Director David D. Davidar sold 55,383 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now 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 available at this link. Also, CAO Steven Payne sold 3,076 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $39.30, for a total value of $120,886.80. Following the completion of the sale, the chief accounting officer now owns 23,847 shares of the company’s stock, valued at approximately $937,187.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,908 shares of company stock valued at $4,747,975. Company insiders own 28.21% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in GMED. PNC Financial Services Group Inc. lifted its stake in shares of Globus Medical by 1.2% in 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 purchasing an additional 35 shares during the period. Advisor Group Inc. lifted its stake in shares of Globus Medical by 2.0% in the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after purchasing an additional 68 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Globus Medical by 39.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,183 shares of the medical device company’s stock valued at $172,000 after purchasing an additional 1,183 shares during the period. Cubist Systematic Strategies LLC purchased a new position in Globus Medical during the third quarter valued at $177,000. Finally, Macquarie Group Ltd. purchased a new position in Globus Medical during the third quarter valued at $187,000. Institutional investors own 70.28% of the company’s stock.

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About Globus Medical

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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