First Mercantile Trust Co. Purchases 4,747 Shares of NuVasive Inc. (NUVA)
First Mercantile Trust Co. boosted its stake in shares of NuVasive Inc. (NASDAQ:NUVA) by 51.3% during the second quarter, Holdings Channel reports. The firm owned 14,000 shares of the medical device company’s stock after buying an additional 4,747 shares during the period. First Mercantile Trust Co.’s holdings in NuVasive were worth $836,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in NUVA. Victory Capital Management Inc. increased its stake in NuVasive by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,884 shares of the medical device company’s stock valued at $113,000 after buying an additional 820 shares during the period. Fortaleza Asset Management Inc. bought a new stake in NuVasive during the second quarter worth $115,000. Seven Eight Capital LLC bought a new stake in NuVasive during the first quarter worth $117,000. LS Investment Advisors LLC increased its stake in NuVasive by 7.8% in the second quarter. LS Investment Advisors LLC now owns 2,097 shares of the medical device company’s stock worth $125,000 after buying an additional 151 shares during the last quarter. Finally, Smith Asset Management Group LP increased its stake in NuVasive by 7,796.8% in the second quarter. Smith Asset Management Group LP now owns 2,448 shares of the medical device company’s stock worth $146,000 after buying an additional 2,417 shares during the last quarter.
Shares of NuVasive Inc. (NASDAQ:NUVA) opened at 66.53 on Tuesday. NuVasive Inc. has a 52 week low of $36.81 and a 52 week high of $68.55. The firm has a market cap of $3.34 billion, a PE ratio of 69.01 and a beta of 0.86. The stock has a 50 day moving average price of $64.31 and a 200 day moving average price of $56.60.
NuVasive (NASDAQ:NUVA) last posted its earnings results on Tuesday, July 26th. The medical device company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. NuVasive had a return on equity of 10.57% and a net margin of 5.28%. The firm had revenue of $236.50 million for the quarter, compared to the consensus estimate of $232.86 million. During the same quarter in the prior year, the business earned $0.31 EPS. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. Equities analysts expect that NuVasive Inc. will post $1.65 earnings per share for the current year.
A number of analysts have recently weighed in on the company. Piper Jaffray Cos. reiterated an “overweight” rating and set a $70.00 target price on shares of NuVasive in a research report on Thursday, September 1st. Jefferies Group reiterated a “buy” rating on shares of NuVasive in a research report on Wednesday, August 3rd. Zacks Investment Research upgraded NuVasive from a “hold” rating to a “strong-buy” rating and set a $70.00 target price for the company in a research report on Thursday, July 28th. TheStreet upgraded NuVasive from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 26th. Finally, Barclays PLC upped their target price on NuVasive from $63.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, July 27th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. NuVasive presently has a consensus rating of “Buy” and a consensus target price of $65.31.
In other news, EVP Jason Hannon sold 2,625 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $64.80, for a total value of $170,100.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lesley H. Howe sold 3,602 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $62.44, for a total value of $224,908.88. The disclosure for this sale can be found here. Company insiders own 4.70% of the company’s stock.
Nuvasive, Inc is a medical device company in the spine market. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine. The Company offers two product lines: spine surgery products and biologics. The Company’s spine surgery products line offerings include thoracolumbar product offerings, cervical product offerings, Intra-Operative Monitoring (IOM) services and disposables, which are used to enable access to the spine and to perform restorative and fusion procedures in a minimally disruptive fashion.
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