Royal Bank Of Canada Reaffirms Buy Rating for NuVasive, Inc. (NUVA)
NuVasive, Inc. (NASDAQ:NUVA)‘s stock had its “buy” rating restated by equities researchers at Royal Bank Of Canada in a research note issued on Friday. They presently have a $75.00 target price on the medical device company’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 22.15% from the stock’s current price.
Several other equities research analysts also recently commented on the stock. BTIG Research began coverage on shares of NuVasive in a research note on Thursday. They set a “buy” rating and a $82.00 price objective for the company. Needham & Company LLC downgraded shares of NuVasive from a “hold” rating to an “underperform” rating in a research note on Monday, August 28th. Piper Jaffray Companies reiterated an “overweight” rating and set a $90.00 price objective on shares of NuVasive in a research note on Wednesday, August 9th. Barclays PLC reiterated a “buy” rating and set a $80.00 price objective on shares of NuVasive in a research note on Wednesday, August 2nd. Finally, Gabelli reiterated a “buy” rating on shares of NuVasive in a research note on Monday, July 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $80.42.
Shares of NuVasive (NASDAQ:NUVA) opened at 61.40 on Friday. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 96.69 and a beta of 1.08. The firm’s 50-day moving average is $66.12 and its 200-day moving average is $72.86. NuVasive has a 52 week low of $56.70 and a 52 week high of $81.68.
NuVasive (NASDAQ:NUVA) last posted its quarterly earnings data on Thursday, July 27th. The medical device company reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.02. NuVasive had a net margin of 3.50% and a return on equity of 13.04%. The business had revenue of $260.60 million during the quarter, compared to the consensus estimate of $261.95 million. During the same period in the previous year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. Analysts forecast that NuVasive will post $2.00 earnings per share for the current fiscal year.
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In other news, EVP Peter Michael Leddy acquired 7,850 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was bought at an average price of $63.88 per share, with a total value of $501,458.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lesley H. Howe sold 3,970 shares of NuVasive 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 acquired 14,850 shares of company stock valued at $955,598 in the last ninety days. 1.20% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in NuVasive by 1.3% in 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 buying an additional 53,769 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in NuVasive by 2.3% in the first quarter. Champlain Investment Partners LLC now owns 1,908,280 shares of the medical device company’s stock valued at $142,510,000 after buying an additional 42,395 shares in the last quarter. State Street Corp increased its holdings in NuVasive by 4.2% in the second quarter. State Street Corp now owns 1,710,341 shares of the medical device company’s stock valued at $131,562,000 after buying an additional 68,344 shares in the last quarter. Voya Investment Management LLC increased its holdings in NuVasive by 43.7% in the second 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 in the last quarter. Finally, OppenheimerFunds Inc. increased its holdings in NuVasive by 55.8% in the first quarter. OppenheimerFunds Inc. now owns 1,210,999 shares of the medical device company’s stock valued at $90,438,000 after buying an additional 433,506 shares in the last quarter.
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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