NuVasive, Inc. (NASDAQ:NUVA) had its price target lowered by Royal Bank Of Canada from $75.00 to $70.00 in a report issued on Friday, MarketBeat.com reports. The firm currently has an outperform rating on the medical device company’s stock.
Several other equities analysts also recently weighed in on the company. BMO Capital Markets decreased their target price on NuVasive from $85.00 to $69.00 and set an outperform rating on the stock in a research report on Wednesday, October 25th. BTIG Research set a $74.00 target price on NuVasive and gave the company a buy rating in a research report on Wednesday, October 25th. Needham & Company LLC restated a sell rating on shares of NuVasive in a research report on Wednesday, October 25th. Wells Fargo & Company restated an outperform rating and issued a $65.00 target price (down previously from $81.00) on shares of NuVasive in a research report on Wednesday, October 25th. Finally, J P Morgan Chase & Co set a $78.00 target price on NuVasive and gave the company a buy rating in a research report on Wednesday, October 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $72.33.
NuVasive (NASDAQ NUVA) traded up $1.17 during midday trading on Friday, hitting $56.49. The stock had a trading volume of 547,000 shares, compared to its average volume of 869,964. The stock has a market capitalization of $2,819.55, a P/E ratio of 29.27, a PEG ratio of 1.97 and a beta of 0.78. NuVasive has a 1-year low of $49.25 and a 1-year high of $81.68. 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 (NASDAQ:NUVA) last released its earnings results on Tuesday, October 24th. The medical device company reported $0.52 earnings per share for the quarter, beating the 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 business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. research analysts forecast that NuVasive will post 1.91 EPS for the current fiscal year.
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NuVasive announced that its board has initiated a stock repurchase program on Tuesday, October 24th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the medical device company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other NuVasive news, CEO Gregory T. Lucier bought 2,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was bought at an average price of $61.52 per share, with a total value of $123,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gregory T. Lucier bought 5,000 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were acquired at an average cost of $66.22 per share, with a total value of $331,100.00. The disclosure for this purchase can be found here. 1.20% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of NUVA. Engineers Gate Manager LP acquired a new stake in shares of NuVasive in the third quarter valued at $2,990,000. Stifel Financial Corp grew its stake in shares of NuVasive by 32.4% in the third quarter. Stifel Financial Corp now owns 251,263 shares of the medical device company’s stock valued at $13,959,000 after buying an additional 61,424 shares in the last quarter. Elk Creek Partners LLC grew its stake in shares of NuVasive by 156.6% in the third quarter. Elk Creek Partners LLC now owns 167,503 shares of the medical device company’s stock valued at $9,290,000 after buying an additional 102,214 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of NuVasive by 10.0% in the third quarter. Schwab Charles Investment Management Inc. now owns 258,026 shares of the medical device company’s stock valued at $14,311,000 after buying an additional 23,482 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of NuVasive by 13.0% in the third quarter. Legal & General Group Plc now owns 44,919 shares of the medical device company’s stock valued at $2,491,000 after buying an additional 5,159 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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