Brokers Issue Forecasts for NuVasive, Inc.’s FY2017 Earnings (NUVA)
NuVasive, Inc. (NASDAQ:NUVA) – Analysts at Leerink Swann decreased their FY2017 earnings per share estimates for NuVasive in a report issued on Thursday. Leerink Swann analyst R. Newitter now forecasts that the medical device company will earn $1.94 per share for the year, down from their previous forecast of $1.95. Leerink Swann currently has a “Outperform” rating and a $69.00 target price on the stock. Leerink Swann also issued estimates for NuVasive’s Q4 2017 earnings at $0.66 EPS, FY2018 earnings at $2.37 EPS and FY2019 earnings at $2.95 EPS.
NuVasive (NASDAQ:NUVA) last released its earnings results on Thursday, July 27th. The medical device company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.02. NuVasive had a return on equity of 13.04% and a net margin of 3.50%. The company had revenue of $260.60 million for the quarter, compared to analysts’ expectations of $261.95 million. During the same quarter in the previous year, the business posted $0.40 EPS. The business’s revenue for the quarter was up 10.3% on a year-over-year basis.
Several other brokerages also recently issued reports on NUVA. Morgan Stanley restated an “equal weight” rating and issued a $88.00 price target (up from $84.00) on shares of NuVasive in a report on Tuesday, July 25th. Royal Bank Of Canada restated a “buy” rating and issued a $85.00 price target on shares of NuVasive in a report on Thursday, July 20th. BidaskClub upgraded NuVasive from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Jefferies Group LLC restated a “buy” rating and issued a $84.00 price target on shares of NuVasive in a report on Friday, June 30th. Finally, Needham & Company LLC restated a “hold” rating on shares of NuVasive in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $76.62.
NuVasive (NASDAQ:NUVA) opened at 51.08 on Friday. NuVasive has a 1-year low of $49.25 and a 1-year high of $81.68. The stock has a market cap of $2.60 billion, a PE ratio of 80.44 and a beta of 1.03. The firm’s 50-day moving average price is $57.46 and its 200 day moving average price is $69.58.
In related news, EVP Peter Michael Leddy purchased 7,850 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was purchased at an average cost of $63.88 per share, for a total transaction of $501,458.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory T. Lucier purchased 2,000 shares of the firm’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 disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 14,850 shares of company stock valued at $955,598. Corporate insiders own 1.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of NUVA. Koch Industries Inc. grew its stake in NuVasive by 26,406.7% in the second 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 in the last quarter. Voya Investment Management LLC lifted its position in shares of 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 during the last quarter. TIAA CREF Investment Management LLC lifted its position in shares of NuVasive by 118.7% in the second 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 last quarter. Wellington Management Group LLP acquired a new stake in shares of NuVasive in the first quarter valued at approximately $20,724,000. Finally, Renaissance Technologies LLC lifted its position in shares of NuVasive by 450.6% in the second quarter. Renaissance Technologies LLC now owns 314,888 shares of the medical device company’s stock valued at $24,221,000 after buying an additional 257,700 shares during 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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