NuVasive, Inc. (NASDAQ:NUVA) has been assigned an average recommendation of “Buy” from the twenty analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $72.67.
Several equities research analysts recently issued reports on the company. J P Morgan Chase & Co set a $78.00 price objective on NuVasive and gave the company a “buy” rating in a research note on Wednesday, October 25th. BTIG Research set a $74.00 price objective on NuVasive and gave the company a “buy” rating in a research note on Wednesday, October 25th. BMO Capital Markets dropped their price target on NuVasive from $85.00 to $69.00 and set an “outperform” rating for the company in a research note on Wednesday, October 25th. Barclays PLC dropped their price target on NuVasive from $80.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, October 19th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price target (down previously from $75.00) on shares of NuVasive in a research note on Wednesday, October 25th.
Shares of NuVasive (NUVA) traded down 2.33% during trading on Wednesday, reaching $57.07. The company’s stock had a trading volume of 1,129,337 shares. NuVasive has a 12-month low of $49.25 and a 12-month high of $81.68. The stock has a market cap of $2.90 billion, a P/E ratio of 89.87 and a beta of 1.04. The stock’s 50-day moving average is $55.58 and its 200-day moving average is $68.08.
NuVasive (NASDAQ:NUVA) last posted its quarterly earnings data on Tuesday, October 24th. The medical device company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.04. The company 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 firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.40 earnings per share. Equities research analysts anticipate that NuVasive will post $1.92 earnings per share for the current fiscal year.
NuVasive declared that its board has approved a stock buyback program on Tuesday, October 24th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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In related news, EVP Peter Michael Leddy acquired 7,850 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were purchased at an average price of $63.88 per share, for a total transaction of $501,458.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory T. Lucier acquired 5,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was bought at an average price of $66.22 per share, for a total transaction of $331,100.00. The disclosure for this purchase can be found here. In the last quarter, insiders bought 14,850 shares of company stock worth $955,598. Company insiders own 1.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in NuVasive by 1.3% during the 2nd 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 during the period. State Street Corp increased its holdings in NuVasive by 4.2% during the 2nd quarter. State Street Corp now owns 1,710,341 shares of the medical device company’s stock valued at $131,562,000 after purchasing an additional 68,344 shares during the period. Voya Investment Management LLC increased its holdings in NuVasive by 43.7% during 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 purchasing an additional 517,115 shares during the period. Koch Industries Inc. increased its holdings in NuVasive by 26,406.7% during the 2nd quarter. Koch Industries Inc. now owns 982,337 shares of the medical device company’s stock valued at $970,000 after purchasing an additional 978,631 shares during the period. Finally, Northern Trust Corp increased its holdings in NuVasive by 2.6% during the 2nd quarter. Northern Trust Corp now owns 837,154 shares of the medical device company’s stock valued at $64,393,000 after purchasing an additional 21,340 shares during the period.
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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