BMO Capital Markets Reiterates “Buy” Rating for NuVasive (NUVA)

BMO Capital Markets reissued their buy rating on shares of NuVasive (NASDAQ:NUVA) in a research report report published on Thursday. They currently have a $70.00 price target on the medical device company’s stock.

Several other brokerages also recently issued reports on NUVA. Royal Bank of Canada reissued a buy rating and set a $85.00 price objective 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 report on Monday, August 28th. BTIG Research assumed coverage on shares of NuVasive in a report on Thursday, September 7th. They issued a buy rating and a $82.00 price target for the company. Cowen reissued an outperform rating and issued a $83.00 price target on shares of NuVasive in a report on Monday, September 18th. Finally, Leerink Swann reissued a buy rating and issued a $74.00 price target (down from $87.00) on shares of NuVasive in a report on Wednesday, September 20th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $72.43.

NuVasive (NASDAQ NUVA) traded up $1.21 during midday trading on Thursday, reaching $60.79. 1,279,100 shares of the company were exchanged, compared to its average volume of 845,535. The firm has a market capitalization of $3,098.34, a P/E ratio of 32.16, a PEG ratio of 2.16 and a beta of 0.77. NuVasive has a 52 week low of $49.25 and a 52 week high of $81.68. The company has a quick ratio of 1.51, a current ratio of 2.85 and a debt-to-equity ratio of 0.76.

NuVasive (NASDAQ:NUVA) last posted its earnings results on Tuesday, October 24th. The medical device company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The company had revenue of $247.40 million during the quarter, compared to the consensus estimate of $255.70 million. NuVasive had a net margin of 6.36% and a return on equity of 13.65%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. equities analysts predict that NuVasive will post 1.91 earnings per share for the current year.

NuVasive announced that its board has approved a share repurchase plan on Tuesday, October 24th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the medical device company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

A number of hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew 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 worth $146,000 after buying an additional 158 shares during the period. Howard Hughes Medical Institute raised its position in NuVasive by 82.8% in the second quarter. Howard Hughes Medical Institute now owns 2,066 shares of the medical device company’s stock valued at $159,000 after purchasing an additional 936 shares during the last quarter. Zions Bancorporation bought a new position in NuVasive in the third quarter valued at about $160,000. Shelton Capital Management bought a new position in NuVasive in the second quarter valued at about $221,000. Finally, Verition Fund Management LLC bought a new position in NuVasive in the second quarter valued at about $233,000.

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About NuVasive

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.

Analyst Recommendations for NuVasive (NASDAQ:NUVA)

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