Wall Street brokerages predict that NuVasive, Inc. (NASDAQ:NUVA) will report earnings per share (EPS) of $0.56 for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for NuVasive’s earnings, with the lowest EPS estimate coming in at $0.55 and the highest estimate coming in at $0.56. NuVasive reported earnings per share of $0.53 during the same quarter last year, which indicates a positive year over year growth rate of 5.7%. The business is expected to issue its next earnings results after the market closes on Monday, February 26th.
According to Zacks, analysts expect that NuVasive will report full year earnings of $1.91 per share for the current financial year, with EPS estimates ranging from $1.90 to $1.92. For the next financial year, analysts expect that the company will report earnings of $2.35 per share, with EPS estimates ranging from $2.19 to $2.58. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for NuVasive.
NUVA has been the topic of several recent research reports. BTIG Research set a $74.00 price objective on NuVasive and gave the stock a “buy” rating in a research report on Wednesday, October 25th. JPMorgan Chase & Co. set a $78.00 price objective on NuVasive and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Canaccord Genuity restated a “buy” rating and issued a $70.00 price objective (down previously from $75.00) on shares of NuVasive in a research report on Wednesday, October 25th. BMO Capital Markets restated a “buy” rating and issued a $70.00 price objective on shares of NuVasive in a research report on Thursday, December 14th. Finally, Needham & Company LLC upgraded NuVasive from an “underperform” rating to a “buy” rating and set a $71.00 price objective on the stock in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $72.33.
NuVasive (NUVA) traded up $0.40 during trading on Tuesday, reaching $46.43. The company’s stock had a trading volume of 1,230,000 shares, compared to its average volume of 1,087,617. The company has a current ratio of 2.85, a quick ratio of 1.51 and a debt-to-equity ratio of 0.76. NuVasive has a 1-year low of $44.62 and a 1-year high of $81.68. The stock has a market cap of $2,366.44, a price-to-earnings ratio of 24.57, a PEG ratio of 1.31 and a beta of 0.50.
NuVasive declared that its Board of Directors has authorized a stock buyback program on Tuesday, October 24th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the medical device company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in NUVA. Ameriprise Financial Inc. raised its stake in shares of NuVasive by 5.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 145,516 shares of the medical device company’s stock worth $11,193,000 after buying an additional 6,880 shares during the period. Vanguard Group Inc. raised its stake in shares of NuVasive by 1.3% during 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 period. California Public Employees Retirement System raised its stake in shares of NuVasive by 3.0% during the 2nd quarter. California Public Employees Retirement System now owns 106,200 shares of the medical device company’s stock worth $8,169,000 after buying an additional 3,100 shares during the period. Parametric Portfolio Associates LLC raised its stake in shares of NuVasive by 30.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 97,476 shares of the medical device company’s stock worth $7,498,000 after buying an additional 22,717 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of NuVasive by 450.6% during the 2nd quarter. Renaissance Technologies LLC now owns 314,888 shares of the medical device company’s stock worth $24,221,000 after buying an additional 257,700 shares during the period.
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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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