() updated its FY23 earning guidance on Thursday. The company gave a guidance for earnings per share of $2.3 billion, which is higher than the $2.30 consensus estimate. The company provided revenue guidance of $1.1 bln, compared with the consensus estimate of $1.10 bln. Globus Medical updated its FY2023 guidance at $2.30 to $2.30 EPS.
Analyst Ratings Changes
GMED has been the subject of several research analyst's opinions. BTIG Research lowered Globus Medical's rating from a Buy to a Neutral rating in a Thursday, February 9th report. Barclays lowered their target price for Globus Medical in a report published on Wednesday, 22nd February from $82.00 down to $75.00. Wells Fargo & Company lowered their target price for Globus Medical in a report published on Wednesday, 22nd February from $67.00 down to $61.00. They also set an equal-weight rating on the company's stock. Loop Capital reduced Globus Medical's rating from buy to hold and lowered their target price from $90.00 down to $70.00. This was reported in a Friday, February 10, report. Needham & Company LLC lowered Globus Medical's rating from a "buy" to a "hold" in a report published on Friday, 10th February. One analyst gave the stock a sell recommendation, seven issued a "hold" rating, and four assigned a "buy" rating. The stock rose $1.86 to $58.45 during Friday's midday trading. The company's simple moving 50-day average is $56.29. Its 200-day moving average is $65.22. Globus Medical's 52-week low is $50.92, and its 52-week high is $80.04.
The last time the company released its quarterly earnings was on Thursday, 4th May. The medical device company posted $0.53 per share for the quarter. This was $0.02 higher than analysts' expectations of $0.51. Globus Medical's return on equity was 12.51 % and its net margin was 18.82%. The company had a revenue of $276.90 millions for the quarter compared with analyst estimates of $2504.05 million. The company generated $0.42 per share during the same quarter of last year. Revenue was up 20.1% year-over-year. Analysts predict Globus Medical to post an average of 2.31 earnings per share for the current fiscal period.
Globus Medical: Hedge Funds weigh in
Recently, several hedge funds and institutional investors changed their GMED holdings. Norges Bank purchased a new position of Globus Medical shares in the fourth quarter, valued at $11,319,000. Dimensional Fund Advisors LP increased its holdings of Globus Medical shares by 24.8% in the first quarter. Dimensional Fund Advisors LP owns 754,957 of the medical company's shares valued at $55,704,000, after acquiring 150,144 additional shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings of Globus Medical shares by 41.2% in the first quarter. Fuller & Thaler Asset Management Inc. owns now 509,251 of the medical company's shares valued at $37.573,000, after acquiring 148,621 additional shares in the last quarterly. CI Private Wealth LLC purchased a new stake of Globus Medical shares valued at $4.693,000 during the fourth quarter. State Street Corp increased its stake in Globus Medical shares by 2.9% during first quarter. State Street Corp owns now 2,219,112 of the medical devices company's shares valued at $163.726,000, after adding 62,156 more shares during the last quarter. 74.23% of company stock is owned by institutional investors.
Globus Medical Company Profile
Globus Medical, Inc is a medical devices company that designs and sells healthcare solutions. The company develops products to promote healing among patients with musculoskeletal problems. The firm classifies its products as Innovative Fusion or Disruptive Technologies. It operates in the United States and International geographic segments.
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