NuVasive, Inc. (NASDAQ:NUVA) had its price objective dropped by equities researchers at BMO Capital Markets from $85.00 to $69.00 in a research note issued to investors on Wednesday, October 25th. The firm presently has an “outperform” rating on the medical device company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 24.73% from the company’s current price.
Several other research firms have also recently issued reports on NUVA. Gabelli reissued a “buy” rating on shares of NuVasive in a research note on Monday, July 31st. BidaskClub cut NuVasive from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. J P Morgan Chase & Co set a $78.00 target price on NuVasive and gave the stock a “buy” rating in a research note on Wednesday, October 25th. TheStreet cut NuVasive from a “b-” rating to a “c+” rating in a research report on Friday, October 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of NuVasive in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $72.33.
NuVasive (NASDAQ:NUVA) traded down $1.41 during trading on Wednesday, hitting $55.32. The stock had a trading volume of 546,200 shares, compared to its average volume of 871,446. The company has a quick ratio of 1.51, a current ratio of 2.85 and a debt-to-equity ratio of 0.76. NuVasive has a 52-week low of $49.25 and a 52-week high of $81.68. The company has a market capitalization of $2,891.41, a price-to-earnings ratio of 30.02, a P/E/G ratio of 2.02 and a beta of 0.78.
NuVasive (NASDAQ:NUVA) last released its quarterly earnings results on Tuesday, October 24th. The medical device company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.04. The business had revenue of $247.40 million for the quarter, compared to the consensus estimate of $255.70 million. NuVasive had a return on equity of 13.65% and a net margin of 6.36%. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.40 earnings per share. research analysts forecast that NuVasive will post 1.91 earnings per share for the current year.
NuVasive declared that its board has approved a stock repurchase plan on Tuesday, October 24th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the medical device company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
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In other news, CEO Gregory T. Lucier acquired 5,000 shares of NuVasive stock in a transaction that occurred on Thursday, August 17th. The shares were bought at an average cost of $66.22 per share, with a total value of $331,100.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lesley H. Howe sold 3,970 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $64.64, for a total transaction of $256,620.80. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP grew its stake in NuVasive by 17.7% in the 2nd quarter. First Trust Advisors LP now owns 36,597 shares of the medical device company’s stock worth $2,815,000 after acquiring an additional 5,510 shares in the last quarter. Bank of Montreal Can grew its stake in NuVasive by 23.6% in the 2nd quarter. Bank of Montreal Can now owns 5,680 shares of the medical device company’s stock worth $437,000 after acquiring an additional 1,086 shares in the last quarter. Vanguard Group Inc. grew its stake in NuVasive by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 4,164,226 shares of the medical device company’s stock worth $320,312,000 after acquiring an additional 53,769 shares in the last quarter. Teachers Advisors LLC grew its stake in NuVasive by 205.8% in the 1st quarter. Teachers Advisors LLC now owns 249,546 shares of the medical device company’s stock worth $18,636,000 after acquiring an additional 167,950 shares in the last quarter. Finally, Geneva Advisors LLC grew its stake in NuVasive by 3.3% in the 2nd quarter. Geneva Advisors LLC now owns 17,369 shares of the medical device company’s stock worth $1,336,000 after acquiring an additional 555 shares in the last quarter.
NuVasive Company Profile
Nuvasive, Inc is a medical device company. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine surgery. Its product portfolio focuses on applications for spine fusion surgery, including biologics used to aid in the spinal fusion process.
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