Novo Nordisk A/S (NYSE:NVO) Shares Up 1.1% - Here's Why

Key Points

• Novo Nordisk A/S shares increased by 1.1% to close at $48.72, following a decline in trading volume of approximately 18% compared to the average daily volume.
• Recent analyst reports have downgraded Novo Nordisk's stock, with HSBC and Wall Street Zen adjusting their ratings to "hold," while BMO Capital Markets reduced its price target from $105.00 to $64.00.
• Despite the downgrades, the company reported earnings of $0.92 per share for the last quarter, meeting analysts' consensus estimates, and has a projected earnings per share of 3.84 for the current year.

Novo Nordisk A/S (NYSE:NVO - Get Free Report)'s share price was up 1.1% on Monday . The stock traded as high as $49.21 and last traded at $48.72. Approximately 8,837,038 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 10,716,845 shares. The stock had previously closed at $48.19.

Analyst Upgrades and Downgrades

NVO has been the subject of several research reports. Wall Street Zen downgraded shares of Novo Nordisk A/S from a "buy" rating to a "hold" rating in a research report on Saturday. Hsbc Global Res lowered Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a report on Thursday. BMO Capital Markets reiterated a "market perform" rating and issued a $64.00 price objective (down from $105.00) on shares of Novo Nordisk A/S in a report on Thursday, April 17th. HSBC cut shares of Novo Nordisk A/S from a "buy" rating to a "hold" rating and set a $57.00 price target on the stock. in a research report on Thursday. Finally, Barclays reaffirmed an "equal weight" rating on shares of Novo Nordisk A/S in a research report on Wednesday, July 30th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $93.67.

Novo Nordisk A/S Trading Up 1.4%

The business has a 50 day moving average of $69.26 and a two-hundred day moving average of $72.58. The firm has a market cap of $218.15 billion, a P/E ratio of 14.46, a PEG ratio of 1.46 and a beta of 0.63. The company has a current ratio of 0.74, a quick ratio of 0.56 and a debt-to-equity ratio of 0.70.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.92 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.92. Novo Nordisk A/S had a net margin of 34.52% and a return on equity of 80.94%. The company had revenue of $11.87 billion during the quarter. Analysts predict that Novo Nordisk A/S will post 3.84 earnings per share for the current year.

Institutional Trading of Novo Nordisk A/S

Hedge funds have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL increased its position in shares of Novo Nordisk A/S by 2,727.3% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 311 shares of the company's stock worth $27,000 after purchasing an additional 300 shares during the period. Park Square Financial Group LLC bought a new stake in shares of Novo Nordisk A/S during the 4th quarter worth approximately $29,000. Transce3nd LLC bought a new position in Novo Nordisk A/S in the fourth quarter valued at approximately $33,000. North Capital Inc. bought a new position in Novo Nordisk A/S in the first quarter valued at approximately $27,000. Finally, Copeland Capital Management LLC raised its position in Novo Nordisk A/S by 184.8% during the first quarter. Copeland Capital Management LLC now owns 393 shares of the company's stock valued at $27,000 after purchasing an additional 255 shares in the last quarter. 11.54% of the stock is owned by institutional investors and hedge funds.

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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