Novo Nordisk A/S (NYSE:NVO) Stock Price Down 1.6% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO) shares were down 1.6% during mid-day trading on Thursday . The stock traded as low as $48.18 and last traded at $48.4610. Approximately 8,243,994 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 23,702,293 shares. The stock had previously closed at $49.23.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. BMO Capital Markets reaffirmed a “market perform” rating on shares of Novo Nordisk A/S in a research note on Thursday, February 5th. CICC Research initiated coverage on Novo Nordisk A/S in a report on Friday, January 9th. They set an “outperform” rating and a $73.50 price objective on the stock. Zacks Research lowered Novo Nordisk A/S from a “hold” rating to a “strong sell” rating in a research note on Monday, February 9th. HSBC reaffirmed a “hold” rating and set a $54.00 price objective on shares of Novo Nordisk A/S in a research report on Wednesday, December 10th. Finally, Citigroup began coverage on shares of Novo Nordisk A/S in a report on Tuesday, January 27th. They set a “neutral” rating for the company. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $56.07.

Novo Nordisk A/S Stock Performance

The stock’s 50 day moving average is $53.86 and its two-hundred day moving average is $53.24. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.80 and a quick ratio of 0.57. The firm has a market capitalization of $216.38 billion, a P/E ratio of 13.97 and a beta of 0.67.

Novo Nordisk A/S (NYSE:NVO) last posted its earnings results on Tuesday, February 3rd. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.11. The company had revenue of $12.43 billion for the quarter, compared to analyst estimates of $11.97 billion. Novo Nordisk A/S had a net margin of 33.03% and a return on equity of 68.91%. As a group, equities analysts anticipate that Novo Nordisk A/S will post 3.84 earnings per share for the current fiscal year.

Novo Nordisk A/S Dividend Announcement

The company also recently announced a dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Monday, March 30th will be paid a $1.2751 dividend. The ex-dividend date is Monday, March 30th. This represents a yield of 541.0%. Novo Nordisk A/S’s payout ratio is presently 23.63%.

Institutional Investors Weigh In On Novo Nordisk A/S

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVO. Revolve Wealth Partners LLC boosted its holdings in shares of Novo Nordisk A/S by 8.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 2,490 shares of the company’s stock valued at $214,000 after buying an additional 200 shares during the last quarter. AQR Capital Management LLC raised its stake in Novo Nordisk A/S by 21.0% in the first quarter. AQR Capital Management LLC now owns 62,099 shares of the company’s stock valued at $4,312,000 after buying an additional 10,758 shares during the period. Sivia Capital Partners LLC lifted its stake in shares of Novo Nordisk A/S by 18.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 10,320 shares of the company’s stock worth $712,000 after buying an additional 1,587 shares during the last quarter. Chevy Chase Trust Holdings LLC grew its stake in Novo Nordisk A/S by 8.4% in the 2nd quarter. Chevy Chase Trust Holdings LLC now owns 3,696 shares of the company’s stock valued at $255,000 after buying an additional 287 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC boosted its holdings in shares of Novo Nordisk A/S by 8.6% during the second quarter. Avidian Wealth Enterprises LLC now owns 11,947 shares of the company’s stock worth $825,000 after acquiring an additional 947 shares during the period. 11.54% of the stock is currently owned by institutional investors and hedge funds.

About Novo Nordisk A/S

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.