Alyeska Investment Group L.P. Boosts Holdings in NuVasive, Inc. (NUVA)
Alyeska Investment Group L.P. raised its holdings in shares of NuVasive, Inc. (NASDAQ:NUVA) by 13.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,559,940 shares of the medical device company’s stock after purchasing an additional 187,863 shares during the period. Alyeska Investment Group L.P. owned 3.06% of NuVasive worth $86,514,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Engineers Gate Manager LP purchased a new position in NuVasive during the 3rd quarter valued at about $2,990,000. Stifel Financial Corp increased its position in NuVasive by 32.4% during the 3rd quarter. Stifel Financial Corp now owns 251,263 shares of the medical device company’s stock valued at $13,959,000 after purchasing an additional 61,424 shares during the period. Elk Creek Partners LLC increased its position in NuVasive by 156.6% during the 3rd quarter. Elk Creek Partners LLC now owns 167,503 shares of the medical device company’s stock valued at $9,290,000 after purchasing an additional 102,214 shares during the period. Schwab Charles Investment Management Inc. increased its position in NuVasive by 10.0% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 258,026 shares of the medical device company’s stock valued at $14,311,000 after purchasing an additional 23,482 shares during the period. Finally, Legal & General Group Plc increased its position in NuVasive by 13.0% during the 3rd quarter. Legal & General Group Plc now owns 44,919 shares of the medical device company’s stock valued at $2,491,000 after purchasing an additional 5,159 shares during the period.
A number of research analysts have commented on NUVA shares. Royal Bank Of Canada reissued a “buy” rating and set a $85.00 target price on shares of NuVasive in a research report on Monday, August 21st. Needham & Company LLC downgraded shares of NuVasive from a “hold” rating to an “underperform” rating in a research report on Monday, August 28th. BTIG Research started coverage on shares of NuVasive in a research report on Thursday, September 7th. They set a “buy” rating and a $82.00 target price on the stock. Cowen reissued an “outperform” rating and set a $83.00 target price on shares of NuVasive in a research report on Monday, September 18th. Finally, Leerink Swann reissued a “buy” rating and set a $74.00 target price (down previously from $87.00) on shares of NuVasive in a research report on Wednesday, September 20th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $72.36.
NuVasive (NASDAQ:NUVA) last released its earnings results on Tuesday, October 24th. The medical device company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The company had revenue of $247.40 million during the quarter, compared to analysts’ expectations of $255.70 million. NuVasive had a net margin of 6.36% and a return on equity of 13.65%. NuVasive’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the business earned $0.40 EPS. analysts anticipate that NuVasive, Inc. will post 1.91 earnings per share for the current fiscal year.
NuVasive announced that its board has approved a share repurchase program on Tuesday, October 24th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the medical device company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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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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