Novo Nordisk A/S (NYSE:NVO) Trading 2.7% Higher – Here’s Why

Shares of Novo Nordisk A/S (NYSE:NVO) rose 2.7% during trading on Monday . The stock traded as high as $64.00 and last traded at $63.96. Approximately 19,981,823 shares were traded during trading, a decline of 18% from the average daily volume of 24,340,666 shares. The stock had previously closed at $62.26.

Analysts Set New Price Targets

A number of research analysts recently weighed in on NVO shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Novo Nordisk A/S in a report on Monday, December 29th. HSBC reaffirmed a “hold” rating and set a $54.00 price target on shares of Novo Nordisk A/S in a research report on Wednesday, December 10th. CICC Research started coverage on shares of Novo Nordisk A/S in a research report on Friday, January 9th. They issued an “outperform” rating and a $73.50 price objective for the company. Morgan Stanley restated an “underweight” rating and set a $42.00 target price on shares of Novo Nordisk A/S in a report on Wednesday, December 3rd. Finally, Hsbc Global Res cut shares of Novo Nordisk A/S from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Novo Nordisk A/S presently has an average rating of “Hold” and an average target price of $57.79.

Novo Nordisk A/S Stock Up 2.7%

The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.57. The stock’s fifty day simple moving average is $52.13 and its two-hundred day simple moving average is $54.59. The company has a market capitalization of $285.58 billion, a price-to-earnings ratio of 18.59 and a beta of 0.66.

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

Hedge Funds Weigh In On Novo Nordisk A/S

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Revolve Wealth Partners LLC boosted its position in Novo Nordisk A/S by 8.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 2,490 shares of the company’s stock worth $214,000 after acquiring an additional 200 shares during the period. AQR Capital Management LLC raised its position 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 worth $4,312,000 after acquiring an additional 10,758 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in Novo Nordisk A/S by 18.2% during the second quarter. Sivia Capital Partners LLC now owns 10,320 shares of the company’s stock valued at $712,000 after purchasing an additional 1,587 shares during the last quarter. Old Port Advisors increased its holdings in shares of Novo Nordisk A/S by 12.6% in the second quarter. Old Port Advisors now owns 3,466 shares of the company’s stock valued at $239,000 after buying an additional 388 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC lifted its position in shares of Novo Nordisk A/S by 20.4% during the 2nd quarter. SeaBridge Investment Advisors LLC now owns 3,535 shares of the company’s stock valued at $244,000 after acquiring an additional 600 shares during the last quarter. 11.54% of the stock is currently owned by institutional investors and hedge funds.

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.