Zacks: Brokerages Anticipate Globus Medical Inc (NYSE:GMED) Will Post Quarterly Sales of $186.59 Million
Equities analysts expect that Globus Medical Inc (NYSE:GMED) will post sales of $186.59 million for the current quarter, according to Zacks. Three analysts have issued estimates for Globus Medical’s earnings. The highest sales estimate is $188.40 million and the lowest is $185.16 million. Globus Medical posted sales of $169.24 million in the same quarter last year, which would indicate a positive year over year growth rate of 10.3%. The firm is expected to report its next earnings report on Thursday, November 14th.
According to Zacks, analysts expect that Globus Medical will report full year sales of $774.15 million for the current year, with estimates ranging from $765.00 million to $778.50 million. For the next fiscal year, analysts anticipate that the firm will post sales of $844.96 million, with estimates ranging from $840.00 million to $849.60 million. Zacks’ sales averages are an average based on a survey of analysts that cover Globus Medical.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, August 1st. The medical device company reported $0.41 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.41. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. The business had revenue of $150.55 million during the quarter, compared to the consensus estimate of $184.93 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. Globus Medical’s revenue was up 10.9% compared to the same quarter last year.
GMED traded down $0.99 on Friday, reaching $50.31. The company had a trading volume of 525,848 shares, compared to its average volume of 622,001. Globus Medical has a 1 year low of $38.01 and a 1 year high of $57.83. The stock has a market capitalization of $4.99 billion, a PE ratio of 30.13, a P/E/G ratio of 2.45 and a beta of 0.89. The stock has a 50-day moving average price of $45.73 and a 200-day moving average price of $44.91.
In related news, Director David D. Davidar sold 50,000 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.33, for a total transaction of $2,466,500.00. Following the transaction, the director now owns 754,775 shares of the company’s stock, valued at $37,233,050.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 24.97% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its position in Globus Medical by 0.9% during the 2nd quarter. BlackRock Inc. now owns 9,629,795 shares of the medical device company’s stock valued at $407,340,000 after purchasing an additional 89,022 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Globus Medical by 14.9% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 553,161 shares of the medical device company’s stock valued at $23,399,000 after buying an additional 71,718 shares during the last quarter. United Services Automobile Association grew its stake in shares of Globus Medical by 105.0% during the second quarter. United Services Automobile Association now owns 80,975 shares of the medical device company’s stock valued at $3,425,000 after buying an additional 41,480 shares during the last quarter. Zacks Investment Management bought a new position in shares of Globus Medical during the second quarter valued at approximately $773,000. Finally, Nuveen Asset Management LLC bought a new position in shares of Globus Medical during the second quarter valued at approximately $29,363,000. 70.40% of the stock is currently owned by institutional investors and hedge funds.
Globus Medical Company Profile
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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