Novo Nordisk A/S (NYSE:NVO) Shares Down 3.1% - Here's What Happened

Novo Nordisk A/S (NYSE:NVO - Get Free Report)'s stock price dropped 3.1% on Monday . The company traded as low as $77.27 and last traded at $77.32. Approximately 3,094,798 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 7,028,545 shares. The stock had previously closed at $79.83.

Analysts Set New Price Targets

NVO has been the topic of a number of analyst reports. Guggenheim lowered shares of Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th. BNP Paribas began coverage on Novo Nordisk A/S in a report on Tuesday, April 15th. They set an "underperform" rating on the stock. Dbs Bank lowered Novo Nordisk A/S to a "sell" rating in a research note on Friday, April 25th. BMO Capital Markets reaffirmed a "market perform" rating and set a $64.00 price objective (down previously from $105.00) on shares of Novo Nordisk A/S in a research note on Thursday, April 17th. Finally, Hsbc Global Res upgraded shares of Novo Nordisk A/S to a "strong-buy" rating in a report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $112.00.

Novo Nordisk A/S Trading Down 3.6%

The business's 50-day moving average is $67.30 and its two-hundred day moving average is $79.45. 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 stock has a market capitalization of $345.23 billion, a PE ratio of 23.35, a PEG ratio of 0.90 and a beta of 0.66.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.92 earnings per share for the quarter, hitting the consensus estimate of $0.92. The company had revenue of $11.87 billion during the quarter. Novo Nordisk A/S had a return on equity of 84.68% and a net margin of 34.81%. On average, analysts predict 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 and hedge funds have recently added to or reduced their stakes in NVO. GQG Partners LLC increased its stake in shares of Novo Nordisk A/S by 74.7% in the fourth 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 last quarter. Nuveen LLC bought a new stake in shares of Novo Nordisk A/S in the 1st quarter worth about $370,272,000. Raymond James Financial Inc. bought a new position in Novo Nordisk A/S during the 4th quarter worth approximately $404,910,000. Loomis Sayles & Co. L P boosted its holdings in Novo Nordisk A/S by 34.2% in the fourth quarter. Loomis Sayles & Co. L P now owns 11,571,686 shares of the company's stock worth $995,397,000 after purchasing an additional 2,947,771 shares during the period. Finally, Nuveen Asset Management LLC grew its position in shares of Novo Nordisk A/S by 73.2% during the 4th quarter. Nuveen Asset Management LLC now owns 6,244,931 shares of the company's stock valued at $537,189,000 after buying an additional 2,639,693 shares during the last quarter. 11.54% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.