Globus Medical (NYSE:GMED) Posts Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Globus Medical (NYSE:GMED) posted its quarterly earnings data on Tuesday. The medical device company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.05 by $0.23, Zacks reports. Globus Medical had a return on equity of 11.52% and a net margin of 15.30%.The firm had revenue of $826.42 million during the quarter, compared to the consensus estimate of $803.29 million.

Globus Medical Stock Performance

Shares of GMED stock traded down $1.39 during trading hours on Tuesday, reaching $92.01. The company had a trading volume of 2,021,683 shares, compared to its average volume of 1,430,202. Globus Medical has a twelve month low of $51.79 and a twelve month high of $101.40. The stock’s fifty day simple moving average is $89.98 and its 200 day simple moving average is $75.61. The company has a market capitalization of $12.31 billion, a P/E ratio of 29.68, a price-to-earnings-growth ratio of 1.39 and a beta of 1.06.

Insider Activity at Globus Medical

In related news, Director Leslie V. Norwalk sold 2,000 shares of the firm’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total transaction of $202,200.00. Following the completion of the sale, the director directly owned 10,419 shares of the company’s stock, valued at approximately $1,053,360.90. This trade represents a 16.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kelly Huller sold 10,000 shares of Globus Medical stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $87.67, for a total value of $876,700.00. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 34,136 shares of company stock valued at $3,111,033. Corporate insiders own 18.51% of the company’s stock.

Institutional Trading of Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. increased its holdings in shares of Globus Medical by 1,235.2% in the 4th quarter. Invesco Ltd. now owns 3,886,405 shares of the medical device company’s stock valued at $339,322,000 after acquiring an additional 3,595,339 shares during the last quarter. Bank of Montreal Can lifted its position in Globus Medical by 15,317.1% in the 4th quarter. Bank of Montreal Can now owns 3,373,260 shares of the medical device company’s stock valued at $294,519,000 after purchasing an additional 3,351,380 shares during the last quarter. Sculptor Capital LP boosted its position in shares of Globus Medical by 31.9% during the second quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock worth $162,936,000 after buying an additional 667,850 shares during the period. Alliancebernstein L.P. grew its stake in shares of Globus Medical by 1,303.9% in the third quarter. Alliancebernstein L.P. now owns 2,055,183 shares of the medical device company’s stock worth $117,700,000 after purchasing an additional 1,908,795 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Globus Medical by 72.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,011,104 shares of the medical device company’s stock valued at $115,166,000 after buying an additional 842,547 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. BTIG Research restated a “neutral” rating on shares of Globus Medical in a research note on Tuesday, December 30th. Piper Sandler reiterated an “overweight” rating and set a $115.00 target price (up from $90.00) on shares of Globus Medical in a research report on Thursday, January 8th. Wall Street Zen upgraded shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. Zacks Research lowered Globus Medical from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 9th. Finally, Morgan Stanley lifted their target price on shares of Globus Medical from $70.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $100.18.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.