Novo Nordisk A/S (NYSE:NVO) Stock Price Down 1.1% - Here's What Happened

Novo Nordisk A/S (NYSE:NVO - Get Free Report)'s share price dropped 1.1% during trading on Wednesday . The stock traded as low as $64.63 and last traded at $64.71. Approximately 3,673,407 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 9,292,311 shares. The stock had previously closed at $65.40.

Wall Street Analyst Weigh In

NVO has been the topic of a number of recent research reports. BNP Paribas assumed coverage on Novo Nordisk A/S in a research note on Tuesday, April 15th. They set an "underperform" rating on the stock. Hsbc Global Res raised Novo Nordisk A/S to a "strong-buy" rating in a report on Monday, April 28th. Morgan Stanley assumed coverage on shares of Novo Nordisk A/S in a research note on Wednesday, February 12th. They issued an "equal weight" rating on the stock. Dbs Bank lowered shares of Novo Nordisk A/S to a "sell" rating in a research report on Friday, April 25th. Finally, StockNews.com raised shares of Novo Nordisk A/S from a "buy" rating to a "strong-buy" rating in a report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $135.00.

Novo Nordisk A/S Price Performance

The company has a quick ratio of 0.55, a current ratio of 0.74 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $285.45 billion, a price-to-earnings ratio of 19.37, a P/E/G ratio of 0.90 and a beta of 0.65. The business's 50 day simple moving average is $67.59 and its 200-day simple moving average is $84.91.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.92 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.92. Novo Nordisk A/S had a net margin of 34.81% and a return on equity of 84.68%. The business had revenue of $11.87 billion for the quarter. On average, research analysts forecast that Novo Nordisk A/S will post 3.84 earnings per share for the current year.

Hedge Funds Weigh In On Novo Nordisk A/S

A number of institutional investors have recently modified their holdings of the business. Victory Capital Management Inc. lifted its holdings in shares of Novo Nordisk A/S by 58.5% in the fourth quarter. Victory Capital Management Inc. now owns 62,897 shares of the company's stock worth $5,410,000 after acquiring an additional 23,223 shares during the last quarter. Bryn Mawr Capital Management LLC lifted its stake in Novo Nordisk A/S by 358.8% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 38,898 shares of the company's stock valued at $3,346,000 after purchasing an additional 30,420 shares during the last quarter. Clear Creek Financial Management LLC acquired a new stake in Novo Nordisk A/S in the fourth quarter valued at approximately $450,000. DSM Capital Partners LLC grew its stake in shares of Novo Nordisk A/S by 16.7% during the fourth quarter. DSM Capital Partners LLC now owns 2,007,412 shares of the company's stock worth $172,678,000 after buying an additional 286,912 shares during the last quarter. Finally, Patrick M Sweeney & Associates Inc. increased its holdings in shares of Novo Nordisk A/S by 81.2% during the fourth quarter. Patrick M Sweeney & Associates Inc. now owns 11,155 shares of the company's stock worth $960,000 after buying an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 11.54% of the company's stock.

Novo Nordisk A/S Company Profile

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease.