Novo Nordisk A/S (NYSE:NVO) Trading Down 0.6% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO) shares dropped 0.6% on Monday . The company traded as low as $117.07 and last traded at $117.33. Approximately 826,078 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 4,275,844 shares. The stock had previously closed at $118.09.

Wall Street Analysts Forecast Growth

NVO has been the topic of several recent analyst reports. BMO Capital Markets decreased their price objective on shares of Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. StockNews.com downgraded Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $160.00 target price on shares of Novo Nordisk A/S in a research report on Thursday, October 10th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.50.

Novo Nordisk A/S Stock Performance

The business’s fifty day moving average is $127.89 and its two-hundred day moving average is $131.61. The stock has a market capitalization of $519.39 billion, a PE ratio of 39.49, a price-to-earnings-growth ratio of 1.54 and a beta of 0.42. The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

Novo Nordisk A/S (NYSE:NVO) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.06). The business had revenue of $9.82 billion during the quarter, compared to the consensus estimate of $9.91 billion. Novo Nordisk A/S had a net margin of 34.86% and a return on equity of 87.43%. As a group, research analysts anticipate that Novo Nordisk A/S will post 3.01 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The firm also recently declared a semi-annual dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 16th were issued a $0.5126 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a dividend yield of 0.7%. Novo Nordisk A/S’s payout ratio is 24.66%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Independence Bank of Kentucky lifted its stake in Novo Nordisk A/S by 192.7% in the third quarter. Independence Bank of Kentucky now owns 11,490 shares of the company’s stock worth $1,368,000 after acquiring an additional 7,565 shares during the period. Fox Hill Wealth Management raised its stake in Novo Nordisk A/S by 121.3% in the first quarter. Fox Hill Wealth Management now owns 28,320 shares of the company’s stock worth $3,636,000 after buying an additional 15,525 shares in the last quarter. Cetera Investment Advisers boosted its position in Novo Nordisk A/S by 453.3% during the 1st quarter. Cetera Investment Advisers now owns 265,538 shares of the company’s stock valued at $34,095,000 after acquiring an additional 217,545 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of Novo Nordisk A/S in the 2nd quarter valued at $1,624,000. Finally, Azzad Asset Management Inc. ADV raised its position in shares of Novo Nordisk A/S by 55.9% in the 3rd quarter. Azzad Asset Management Inc. ADV now owns 41,107 shares of the company’s stock worth $4,895,000 after acquiring an additional 14,731 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.