A number of other analysts have also weighed in on NUVA. 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. Barclays PLC reduced their target price on NuVasive from $80.00 to $65.00 and set an overweight rating on the stock in a research note on Thursday, October 19th. Canaccord Genuity reiterated a buy rating and issued a $70.00 target price (down previously from $75.00) on shares of NuVasive in a research note on Wednesday. Needham & Company LLC reiterated a sell rating on shares of NuVasive in a research note on Wednesday. Finally, Gabelli reiterated a buy rating on shares of NuVasive in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. NuVasive currently has an average rating of Buy and a consensus target price of $72.67.
Shares of NuVasive (NUVA) opened at 58.43 on Wednesday. The company has a 50-day moving average of $55.58 and a 200 day moving average of $68.08. The company has a market cap of $2.97 billion, a PE ratio of 92.02 and a beta of 1.03. NuVasive has a 12-month low of $49.25 and a 12-month high of $81.68.
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 Thomson Reuters’ consensus estimate of $0.48 by $0.04. NuVasive had a return on equity of 13.65% and a net margin of 6.36%. The company had revenue of $247.40 million for the quarter, compared to analyst estimates of $255.70 million. During the same quarter in the prior year, the firm posted $0.40 EPS. NuVasive’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts expect that NuVasive will post $1.92 EPS for the current year.
NuVasive announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 24th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the medical device company to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP Peter Michael Leddy acquired 7,850 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were bought at an average price of $63.88 per share, with a total value of $501,458.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory T. Lucier acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were bought at an average cost of $61.52 per share, for a total transaction of $123,040.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 14,850 shares of company stock worth $955,598. 1.20% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. First Trust Advisors LP boosted its position in NuVasive by 17.7% during the second quarter. First Trust Advisors LP now owns 36,597 shares of the medical device company’s stock valued at $2,815,000 after purchasing an additional 5,510 shares in the last quarter. Bank of Montreal Can boosted its position in NuVasive by 23.6% during the second quarter. Bank of Montreal Can now owns 5,680 shares of the medical device company’s stock valued at $437,000 after purchasing an additional 1,086 shares in the last quarter. Vanguard Group Inc. boosted its position in NuVasive by 1.3% during the second quarter. Vanguard Group Inc. now owns 4,164,226 shares of the medical device company’s stock valued at $320,312,000 after purchasing an additional 53,769 shares in the last quarter. Teachers Advisors LLC boosted its position in NuVasive by 205.8% during the first quarter. Teachers Advisors LLC now owns 249,546 shares of the medical device company’s stock valued at $18,636,000 after purchasing an additional 167,950 shares in the last quarter. Finally, Geneva Advisors LLC boosted its position in NuVasive by 3.3% during the second quarter. Geneva Advisors LLC now owns 17,369 shares of the medical device company’s stock valued at $1,336,000 after purchasing 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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