Novo Nordisk A/S (NYSE:NVO) Trading Down 3.1% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO) shares traded down 3.1% during trading on Thursday . The stock traded as low as $56.29 and last traded at $57.07. 25,658,505 shares were traded during mid-day trading, an increase of 18% from the average session volume of 21,742,299 shares. The stock had previously closed at $58.91.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NVO shares. CICC Research began coverage on Novo Nordisk A/S in a report on Friday, January 9th. They issued an “outperform” rating and a $73.50 price target on the stock. Jefferies Financial Group began coverage on Novo Nordisk A/S in a report on Monday, October 27th. They issued an “underperform” rating on the stock. BMO Capital Markets restated a “market perform” rating on shares of Novo Nordisk A/S in a research note on Wednesday. Argus restated a “hold” rating on shares of Novo Nordisk A/S in a report on Monday, December 8th. Finally, HSBC reiterated a “hold” rating and set a $54.00 price objective on shares of Novo Nordisk A/S in a report on Wednesday, December 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $56.21.

Novo Nordisk A/S Stock Performance

The company’s 50 day moving average price is $50.30 and its 200-day moving average price is $55.11. The stock has a market cap of $254.82 billion, a P/E ratio of 16.59 and a beta of 0.66. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.78.

Novo Nordisk A/S (NYSE:NVO) last released its quarterly earnings results on Wednesday, November 5th. The company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.25. Novo Nordisk A/S had a net margin of 32.76% and a return on equity of 73.50%. The business had revenue of $11.79 billion for the quarter, compared to analysts’ expectations of $11.98 billion. Equities analysts forecast that Novo Nordisk A/S will post 3.84 EPS for the current fiscal year.

Institutional Trading of Novo Nordisk A/S

A number of institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. grew its stake in Novo Nordisk A/S by 4,190.8% in the 3rd quarter. Franklin Resources Inc. now owns 13,984,789 shares of the company’s stock valued at $776,016,000 after purchasing an additional 13,658,867 shares during the period. Kingstone Capital Partners Texas LLC boosted its holdings in shares of Novo Nordisk A/S by 301,443.6% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 10,005,216 shares of the company’s stock worth $690,560,000 after buying an additional 10,001,898 shares during the last quarter. Capital International Investors grew its position in Novo Nordisk A/S by 52.4% during the third quarter. Capital International Investors now owns 17,713,424 shares of the company’s stock valued at $982,969,000 after buying an additional 6,092,192 shares during the period. Boston Partners purchased a new stake in Novo Nordisk A/S during the third quarter worth about $310,199,000. Finally, SG Americas Securities LLC raised its position in Novo Nordisk A/S by 2,101.5% in the third quarter. SG Americas Securities LLC now owns 2,383,176 shares of the company’s stock worth $132,242,000 after acquiring an additional 2,274,925 shares during the period. 11.54% of the stock is owned by hedge funds and other institutional investors.

Novo Nordisk A/S Company Profile

Novo Nordisk A/S is a Danish multinational pharmaceutical company headquartered in Bagsværd, Denmark, best known for its leadership in diabetes care and metabolic health. The company traces its roots to early Danish insulin production in the 1920s and was established in its current form through a 1989 merger of predecessor companies. Novo Nordisk develops, manufactures and markets pharmaceutical products and devices that address chronic and serious diseases, with a strong emphasis on long-term treatment and patient support.

The company’s core product portfolio centers on diabetes therapies, including a range of insulins and modern incretin-based treatments.