NuVasive, Inc. (NUVA) to Post FY2021 Earnings of $3.30 Per Share, Gabelli Forecasts
NuVasive, Inc. (NASDAQ:NUVA) – Investment analysts at Gabelli dropped their FY2021 earnings per share estimates for NuVasive in a report released on Thursday. Gabelli analyst J. Tsai now expects that the medical device company will post earnings of $3.30 per share for the year, down from their previous forecast of $4.00. Gabelli has a “Buy” rating on the stock.
NUVA has been the topic of a number of other research reports. Needham & Company LLC restated a “hold” rating on shares of NuVasive in a report on Friday, July 28th. Cowen and Company restated an “outperform” rating and set a $83.00 target price on shares of NuVasive in a report on Monday, September 18th. Barclays PLC restated a “buy” rating and set a $80.00 target price on shares of NuVasive in a report on Wednesday, August 2nd. Royal Bank Of Canada restated a “buy” rating and set a $75.00 target price on shares of NuVasive in a report on Tuesday, October 10th. Finally, Piper Jaffray Companies restated an “overweight” rating and set a $90.00 target price on shares of NuVasive in a report on Wednesday, August 9th. 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 company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $72.67.
NuVasive (NUVA) traded down 3.11% on Monday, hitting $56.61. 488,787 shares of the company’s stock were exchanged. The stock has a market cap of $2.88 billion, a P/E ratio of 89.15 and a beta of 1.04. The firm has a 50 day moving average price of $55.58 and a 200-day moving average price of $68.08. NuVasive has a 52-week low of $49.25 and a 52-week high of $81.68.
NuVasive (NASDAQ:NUVA) last released its quarterly earnings data on Tuesday, October 24th. The medical device company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. NuVasive had a net margin of 6.36% and a return on equity of 13.65%. The firm had revenue of $247.40 million for the quarter, compared to analyst estimates of $255.70 million. During the same period last year, the firm earned $0.40 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year.
NuVasive announced that its board has approved a stock buyback plan 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 plans are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, CEO Gregory T. Lucier bought 5,000 shares of the stock in a transaction on Thursday, August 17th. The shares were acquired at an average price of $66.22 per share, for a total transaction of $331,100.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Michael Leddy bought 7,850 shares of the stock in a transaction on Tuesday, August 1st. The shares were bought at an average price of $63.88 per share, for a total transaction of $501,458.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 14,850 shares of company stock worth $955,598 in the last 90 days. Company insiders own 1.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hanseatic Management Services Inc. lifted its stake in NuVasive by 0.3% during the 2nd quarter. Hanseatic Management Services Inc. now owns 14,868 shares of the medical device company’s stock valued at $1,144,000 after acquiring an additional 39 shares during the period. Teacher Retirement System of Texas lifted its stake in NuVasive by 1.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,040 shares of the medical device company’s stock valued at $311,000 after acquiring an additional 40 shares during the period. World Asset Management Inc lifted its stake in NuVasive by 2.7% during the 2nd quarter. World Asset Management Inc now owns 3,201 shares of the medical device company’s stock valued at $246,000 after acquiring an additional 84 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of NuVasive by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,901 shares of the medical device company’s stock valued at $146,000 after purchasing an additional 158 shares during the last quarter. Finally, Campbell Newman Asset Management Inc. increased its position in shares of NuVasive by 4.9% during the 2nd quarter. Campbell Newman Asset Management Inc. now owns 3,628 shares of the medical device company’s stock valued at $279,000 after purchasing an additional 169 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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