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.
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