NuVasive (NUVA) Receives “Buy” Rating from BMO Capital Markets
BMO Capital Markets reissued their buy rating on shares of NuVasive (NASDAQ:NUVA) in a report released on Thursday morning. BMO Capital Markets currently has a $70.00 price objective on the medical device company’s stock.
NUVA has been the topic of a number of other research reports. BTIG Research set a $74.00 price objective on NuVasive and gave the company a buy rating in a research note on Wednesday. Needham & Company LLC reaffirmed a sell rating on shares of NuVasive in a research note on Friday, October 6th. Cowen reaffirmed an outperform rating and set a $83.00 price objective on shares of NuVasive in a research note on Monday, September 18th. Royal Bank of Canada reaffirmed a buy rating and set a $75.00 price objective on shares of NuVasive in a research note on Tuesday, October 10th. Finally, J P Morgan Chase & Co set a $78.00 price objective on NuVasive and gave the company a buy rating in a research note on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $72.43.
NuVasive (NASDAQ NUVA) traded up $1.21 on Thursday, hitting $60.79. The company had a trading volume of 1,279,171 shares, compared to its average volume of 845,535. The company has a current ratio of 2.85, a quick ratio of 1.51 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $3,015.26, a price-to-earnings ratio of 31.30, a P/E/G ratio of 2.11 and a beta of 0.77. NuVasive has a fifty-two week low of $49.25 and a fifty-two week high of $81.68.
NuVasive announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 24th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the medical device company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in NuVasive by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 4,164,226 shares of the medical device company’s stock worth $320,312,000 after buying an additional 53,769 shares during the last quarter. State Street Corp grew its stake in NuVasive by 4.2% in the second quarter. State Street Corp now owns 1,710,341 shares of the medical device company’s stock valued at $131,562,000 after purchasing an additional 68,344 shares in the last quarter. Voya Investment Management LLC grew its stake in NuVasive by 43.7% in the second quarter. Voya Investment Management LLC now owns 1,699,964 shares of the medical device company’s stock valued at $130,761,000 after purchasing an additional 517,115 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in NuVasive by 13.7% in the third quarter. Alyeska Investment Group L.P. now owns 1,559,940 shares of the medical device company’s stock valued at $86,514,000 after purchasing an additional 187,863 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in NuVasive by 6.7% in the third quarter. American Century Companies Inc. now owns 986,812 shares of the medical device company’s stock valued at $54,729,000 after purchasing an additional 62,377 shares in the last quarter.
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NuVasive Company Profile
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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