Novo Nordisk A/S (NYSE:NVO) Shares Down 2.4% - Here's What Happened

Novo Nordisk A/S (NYSE:NVO - Get Free Report)'s stock price dropped 2.4% on Tuesday . The stock traded as low as $74.86 and last traded at $75.13. Approximately 2,547,812 shares traded hands during trading, a decline of 64% from the average daily volume of 7,031,036 shares. The stock had previously closed at $77.02.

Wall Street Analysts Forecast Growth

NVO has been the topic of a number of recent research reports. BMO Capital Markets restated a "market perform" rating and set a $64.00 price target (down previously from $105.00) on shares of Novo Nordisk A/S in a report on Thursday, April 17th. Wall Street Zen upgraded Novo Nordisk A/S from a "hold" rating to a "buy" rating in a research report on Saturday. Guggenheim lowered shares of Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th. Stifel Nicolaus cut shares of Novo Nordisk A/S from a "buy" rating to a "hold" rating in a research report on Monday, March 3rd. Finally, Dbs Bank cut Novo Nordisk A/S to a "sell" rating in a research report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $112.00.

Novo Nordisk A/S Stock Down 3.4%

The company has a current ratio of 0.74, a quick ratio of 0.55 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $333.87 billion, a P/E ratio of 22.60, a P/E/G ratio of 0.90 and a beta of 0.66. The company has a 50 day simple moving average of $67.61 and a two-hundred day simple moving average of $79.24.

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

Institutional Trading of Novo Nordisk A/S

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of Novo Nordisk A/S by 8.1% in the 4th quarter. Bank of America Corp DE now owns 15,492,384 shares of the company's stock worth $1,332,655,000 after purchasing an additional 1,165,955 shares during the period. GQG Partners LLC raised its holdings in Novo Nordisk A/S by 74.7% during the 4th quarter. GQG Partners LLC now owns 12,994,533 shares of the company's stock worth $1,117,790,000 after buying an additional 5,556,460 shares during the period. Loomis Sayles & Co. L P increased its stake in Novo Nordisk A/S by 34.2% in the 4th quarter. Loomis Sayles & Co. L P now owns 11,571,686 shares of the company's stock valued at $995,397,000 after buying an additional 2,947,771 shares during the period. Folketrygdfondet lifted its stake in shares of Novo Nordisk A/S by 6.9% in the first quarter. Folketrygdfondet now owns 9,521,912 shares of the company's stock worth $661,202,000 after buying an additional 617,974 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Novo Nordisk A/S by 1.5% during the fourth quarter. Renaissance Technologies LLC now owns 8,312,996 shares of the company's stock worth $715,084,000 after buying an additional 123,681 shares in the last quarter. Hedge funds and other institutional investors own 11.54% of the company's stock.

About Novo Nordisk A/S

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.

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