NuVasive’s (NUVA) “Buy” Rating Reaffirmed at Royal Bank Of Canada
Royal Bank Of Canada reiterated their buy rating on shares of NuVasive, Inc. (NASDAQ:NUVA) in a report released on Friday morning. Royal Bank Of Canada currently has a $75.00 target price on the medical device company’s stock.
Other analysts also recently issued reports about the stock. BidaskClub raised shares of NuVasive from a hold rating to a buy rating in a report on Wednesday, July 19th. Jefferies Group LLC restated a buy rating and set a $84.00 price objective on shares of NuVasive in a research report on Friday, June 30th. Canaccord Genuity restated a buy rating and set a $80.00 price objective on shares of NuVasive in a research report on Friday, July 28th. Gabelli restated a buy rating on shares of NuVasive in a research report on Monday, July 31st. Finally, Barclays PLC restated a buy rating and set a $80.00 price objective on shares of NuVasive in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $80.42.
Shares of NuVasive (NASDAQ:NUVA) traded up 2.21% during mid-day trading on Friday, hitting $61.40. 2,427,101 shares of the stock traded hands. The firm has a 50 day moving average of $66.12 and a 200 day moving average of $72.86. NuVasive has a 12 month low of $56.70 and a 12 month high of $81.68. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 96.69 and a beta of 1.08.
NuVasive (NASDAQ:NUVA) last announced its quarterly earnings results on Thursday, July 27th. The medical device company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $260.60 million for the quarter, compared to the consensus estimate of $261.95 million. During the same period in the prior year, the firm posted $0.40 earnings per share. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities analysts expect that NuVasive will post $2.00 EPS for the current fiscal year.
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In other NuVasive news, CEO Gregory T. Lucier bought 2,000 shares of NuVasive stock in a transaction dated Tuesday, August 29th. The stock was acquired at an average cost of $61.52 per share, for a total transaction of $123,040.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Michael Leddy bought 7,850 shares of NuVasive stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average price of $63.88 per share, with a total value of $501,458.00. The disclosure for this purchase can be found here. Insiders bought 14,850 shares of company stock valued at $955,598 over the last quarter. Company insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of NUVA. Westside Investment Management Inc. acquired a new stake in shares of NuVasive in the first quarter valued at about $109,000. FNY Partners Fund LP acquired a new stake in shares of NuVasive in the first quarter valued at about $112,000. Neuburgh Advisers LLC raised its position in shares of NuVasive by 18.3% in the first quarter. Neuburgh Advisers LLC now owns 1,552 shares of the medical device company’s stock valued at $116,000 after buying an additional 240 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of NuVasive by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,901 shares of the medical device company’s stock valued at $146,000 after buying an additional 158 shares during the last quarter. Finally, Glen Harbor Capital Management LLC raised its position in shares of NuVasive by 18.3% in the first quarter. Glen Harbor Capital Management LLC now owns 2,134 shares of the medical device company’s stock valued at $159,000 after buying an additional 330 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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