Novo Nordisk A/S (NYSE:NVO) Shares Up 2.7% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO) shares were up 2.7% during mid-day trading on Monday . The stock traded as high as $118.55 and last traded at $118.22. Approximately 1,494,509 shares were traded during trading, a decline of 65% from the average daily volume of 4,324,013 shares. The stock had previously closed at $115.12.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NVO shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $160.00 price objective on shares of Novo Nordisk A/S in a research report on Monday, September 16th. BMO Capital Markets decreased their price target on shares of Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Argus increased their price objective on shares of Novo Nordisk A/S from $125.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, StockNews.com upgraded shares of Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $145.17.

Novo Nordisk A/S Trading Up 2.2 %

The firm has a market cap of $527.87 billion, a P/E ratio of 40.77, a price-to-earnings-growth ratio of 1.35 and a beta of 0.42. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The company’s fifty day moving average price is $130.59 and its two-hundred day moving average price is $132.44.

Novo Nordisk A/S (NYSE:NVO) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.06). The firm had revenue of $9.82 billion for the quarter, compared to analyst estimates of $9.91 billion. Novo Nordisk A/S had a return on equity of 87.43% and a net margin of 34.86%. As a group, sell-side analysts predict that Novo Nordisk A/S will post 3.11 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. Investors 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 dividend payout ratio is 24.83%.

Institutional Investors Weigh In On Novo Nordisk A/S

Hedge funds have recently added to or reduced their stakes in the stock. Folketrygdfondet lifted its position in shares of Novo Nordisk A/S by 1.4% during the first quarter. Folketrygdfondet now owns 8,756,034 shares of the company’s stock worth $1,124,275,000 after purchasing an additional 124,770 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Novo Nordisk A/S by 10.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,589,222 shares of the company’s stock valued at $1,102,857,000 after buying an additional 823,036 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Novo Nordisk A/S by 1.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,254,180 shares of the company’s stock valued at $607,242,000 after buying an additional 58,935 shares during the period. GQG Partners LLC raised its position in shares of Novo Nordisk A/S by 654.6% during the first quarter. GQG Partners LLC now owns 3,633,064 shares of the company’s stock worth $466,485,000 after acquiring an additional 3,151,584 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in shares of Novo Nordisk A/S by 7.8% during the first quarter. 1832 Asset Management L.P. now owns 2,373,029 shares of the company’s stock valued at $304,697,000 after acquiring an additional 172,003 shares during the period. Institutional investors own 11.54% of the company’s stock.

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.