Maryland State Retirement & Pension System bought a new position in NuVasive, Inc. (NASDAQ:NUVA – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 21,461 shares of the medical device company’s stock, valued at approximately $885,000.
Several other hedge funds have also recently modified their holdings of NUVA. Raymond James & Associates lifted its holdings in shares of NuVasive by 8.9% in the first quarter. Raymond James & Associates now owns 26,823 shares of the medical device company’s stock worth $1,521,000 after buying an additional 2,185 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of NuVasive by 76.4% in the first quarter. PNC Financial Services Group Inc. now owns 2,175 shares of the medical device company’s stock worth $123,000 after buying an additional 942 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of NuVasive by 16.7% in the first quarter. Bank of Montreal Can now owns 10,222 shares of the medical device company’s stock worth $585,000 after buying an additional 1,462 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of NuVasive in the first quarter worth $189,000. Finally, MetLife Investment Management LLC increased its position in NuVasive by 40.5% in the first quarter. MetLife Investment Management LLC now owns 61,194 shares of the medical device company’s stock worth $3,470,000 after purchasing an additional 17,640 shares during the last quarter.
Analysts Set New Price Targets
NUVA has been the topic of several research reports. Needham & Company LLC cut shares of NuVasive from a “buy” rating to a “hold” rating in a research report on Friday, January 6th. Wells Fargo & Company cut shares of NuVasive from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $47.00 to $57.72 in a research report on Friday, February 10th. Morgan Stanley boosted their price target on shares of NuVasive from $44.00 to $44.50 and gave the stock an “equal weight” rating in a research report on Thursday, February 23rd. Citigroup cut shares of NuVasive from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $63.00 to $52.00 in a research report on Friday, February 10th. Finally, JPMorgan Chase & Co. boosted their price target on shares of NuVasive from $38.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, February 23rd. Ten investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, NuVasive currently has an average rating of “Hold” and an average price target of $50.77.
NuVasive Trading Up 1.4 %
NuVasive (NASDAQ:NUVA – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The medical device company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.08). The company had revenue of $305.45 million during the quarter, compared to the consensus estimate of $311.01 million. NuVasive had a return on equity of 12.45% and a net margin of 3.36%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.40 earnings per share. Equities research analysts forecast that NuVasive, Inc. will post 2.02 earnings per share for the current year.
About NuVasive
NuVasive, Inc engages in the development, manufacture, sale, and provision of procedural solutions for spine surgery. It offers a comprehensive portfolio of procedurally integrated spine surgery solutions, including surgical access instruments, spinal implants, fixation systems, biologics, and enabling technologies, as well as systems and services for intraoperative neuromonitoring.
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