NuVasive, Inc. (NASDAQ:NUVA) Earns Outperform Rating from Wells Fargo & Company

Wells Fargo & Company reissued their outperform rating on shares of NuVasive, Inc. (NASDAQ:NUVA) in a report issued on Wednesday, October 25th. Wells Fargo & Company currently has a $65.00 target price on the medical device company’s stock, down from their prior target price of $81.00.

Several other brokerages have also recently commented on NUVA. Cowen and Company reaffirmed an outperform rating and issued a $90.00 target price (up previously from $85.00) on shares of NuVasive in a research report on Wednesday, June 28th. Robert W. Baird lowered NuVasive from an outperform rating to a neutral rating and cut their price objective for the stock from $79.00 to $72.00 in a report on Friday, July 28th. Gabelli reiterated a buy rating on shares of NuVasive in a report on Monday, July 31st. Royal Bank of Canada reiterated a buy rating and set a $85.00 price objective on shares of NuVasive in a report on Thursday, July 20th. Finally, Zacks Investment Research lowered NuVasive from a buy rating to a hold rating in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $72.33.

Shares of NuVasive (NASDAQ:NUVA) opened at $55.32 on Wednesday. The firm has a market capitalization of $2,819.55, a price-to-earnings ratio of 29.27, a PEG ratio of 1.97 and a beta of 0.78. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.51 and a current ratio of 2.85. NuVasive has a one year low of $49.25 and a one year high of $81.68.

NuVasive (NASDAQ:NUVA) last released its quarterly earnings data on Tuesday, October 24th. The medical device company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.04. The business had revenue of $247.40 million during the quarter, compared to analyst estimates of $255.70 million. NuVasive had a return on equity of 13.65% and a net margin of 6.36%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company posted $0.40 EPS. research analysts anticipate that NuVasive will post 1.91 earnings per share for the current year.

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NuVasive declared that its board has authorized a stock repurchase program on Tuesday, October 24th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the medical device company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In other NuVasive news, CEO Gregory T. Lucier bought 2,000 shares of the company’s stock in a transaction on Tuesday, August 29th. The stock was bought at an average price of $61.52 per share, for a total transaction of $123,040.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lesley H. Howe sold 3,970 shares of the business’s stock in a transaction on Friday, August 18th. The shares were 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. Insiders own 1.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in NUVA. Koch Industries Inc. grew its holdings in shares of NuVasive by 26,406.7% in the 2nd quarter. Koch Industries Inc. now owns 982,337 shares of the medical device company’s stock valued at $970,000 after buying an additional 978,631 shares during the period. Voya Investment Management LLC grew its holdings in shares of NuVasive by 43.7% in the 2nd quarter. Voya Investment Management LLC now owns 1,699,964 shares of the medical device company’s stock valued at $130,761,000 after buying an additional 517,115 shares during the period. TIAA CREF Investment Management LLC grew its holdings in shares of NuVasive by 118.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 546,740 shares of the medical device company’s stock valued at $42,055,000 after buying an additional 296,715 shares during the period. Wellington Management Group LLP acquired a new position in shares of NuVasive in the 1st quarter valued at $20,724,000. Finally, Renaissance Technologies LLC lifted its position in NuVasive by 450.6% during the 2nd quarter. Renaissance Technologies LLC now owns 314,888 shares of the medical device company’s stock worth $24,221,000 after buying an additional 257,700 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.

Analyst Recommendations for NuVasive (NASDAQ:NUVA)

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