Q2 2019 EPS Estimates for Globus Medical Inc (GMED) Lifted by Leerink Swann
Globus Medical Inc (NYSE:GMED) – Equities research analysts at Leerink Swann increased their Q2 2019 earnings per share estimates for shares of Globus Medical in a research report issued to clients and investors on Thursday, January 17th. Leerink Swann analyst R. Newitter now forecasts that the medical device company will earn $0.40 per share for the quarter, up from their prior estimate of $0.39. Leerink Swann has a “Outperform” rating and a $65.00 price objective on the stock. Leerink Swann also issued estimates for Globus Medical’s FY2019 earnings at $1.72 EPS and FY2020 earnings at $2.00 EPS.
Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.06. The company had revenue of $169.20 million for the quarter, compared to analyst estimates of $167.47 million. Globus Medical had a net margin of 20.79% and a return on equity of 15.36%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 earnings per share.
Shares of NYSE:GMED opened at $43.49 on Monday. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of 33.20, a price-to-earnings-growth ratio of 2.06 and a beta of 0.73. Globus Medical has a 1 year low of $38.01 and a 1 year high of $57.83.
Hedge funds have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA increased its stake in shares of Globus Medical by 56.0% during the third quarter. Glenmede Trust Co. NA now owns 5,187 shares of the medical device company’s stock worth $294,000 after buying an additional 1,862 shares during the period. Empowered Funds LLC purchased a new stake in shares of Globus Medical during the third quarter worth approximately $1,792,000. Acadian Asset Management LLC purchased a new stake in shares of Globus Medical during the third quarter worth approximately $829,000. Verition Fund Management LLC purchased a new stake in shares of Globus Medical during the third quarter worth approximately $279,000. Finally, Vanguard Group Inc increased its stake in shares of Globus Medical by 3.4% during the third quarter. Vanguard Group Inc now owns 6,735,494 shares of the medical device company’s stock worth $382,306,000 after buying an additional 219,780 shares during the period. Hedge funds and other institutional investors own 65.42% of the company’s stock.
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 an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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