Novo Nordisk A/S (NYSE:NVO) Stock Price Up 2.1% - Here's What Happened

Key Points

• Novo Nordisk A/S stock increased by 2.1% during Thursday trading, reaching a last traded price of $55.46. Trading volume was substantially lower, down 63% from the average daily volume.
• Recent analyst ratings show a mixed outlook, with a consensus "Hold" rating and an average target price of $81.00, as several firms downgraded their ratings recently.
• The company reported better-than-expected earnings, with $0.97 EPS for the quarter, exceeding the consensus estimate of $0.93, and revenue of $11.69 billion.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) rose 2.1% during trading on Thursday . The stock traded as high as $55.44 and last traded at $55.46. Approximately 4,366,880 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 11,659,364 shares. The stock had previously closed at $54.30.

Analyst Ratings Changes

NVO has been the subject of several research reports. Dbs Bank lowered shares of Novo Nordisk A/S to a "sell" rating in a report on Friday, April 25th. Barclays reiterated an "equal weight" rating on shares of Novo Nordisk A/S in a research report on Wednesday, July 30th. HSBC downgraded shares of Novo Nordisk A/S from a "buy" rating to a "hold" rating and set a $57.00 price objective on the stock. in a research report on Thursday, July 31st. Wall Street Zen downgraded shares of Novo Nordisk A/S from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Hsbc Global Res downgraded shares of Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 31st. Three equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $81.00.

Novo Nordisk A/S Price Performance

The company has a market capitalization of $249.01 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.88 and a beta of 0.63. The business's 50-day simple moving average is $63.54 and its 200 day simple moving average is $69.81. The company has a current ratio of 0.78, a quick ratio of 0.56 and a debt-to-equity ratio of 0.52.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Novo Nordisk A/S had a net margin of 35.60% and a return on equity of 78.64%. The company had revenue of $11.69 billion for the quarter, compared to the consensus estimate of $77.51 billion. As a group, sell-side analysts anticipate that Novo Nordisk A/S will post 3.84 EPS for the current year.

Novo Nordisk A/S Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Tuesday, August 26th. Investors of record on Monday, August 18th will be issued a $0.4119 dividend. This represents a dividend yield of 240.0%. The ex-dividend date is Monday, August 18th. Novo Nordisk A/S's payout ratio is presently 22.53%.

Institutional Trading of Novo Nordisk A/S

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Saratoga Research & Investment Management raised its holdings in shares of Novo Nordisk A/S by 4.0% in the 2nd quarter. Saratoga Research & Investment Management now owns 1,512,677 shares of the company's stock worth $104,405,000 after purchasing an additional 58,517 shares in the last quarter. Coppell Advisory Solutions LLC bought a new stake in shares of Novo Nordisk A/S in the 2nd quarter worth approximately $1,963,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Novo Nordisk A/S in the 2nd quarter worth approximately $652,000. Marex Group plc bought a new stake in shares of Novo Nordisk A/S in the 2nd quarter worth approximately $12,497,000. Finally, Advisory Services Network LLC raised its holdings in shares of Novo Nordisk A/S by 65.0% in the 2nd quarter. Advisory Services Network LLC now owns 88,208 shares of the company's stock worth $6,088,000 after purchasing an additional 34,747 shares in the last quarter. 11.54% of the stock is currently owned by institutional investors.

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.

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