Novo Nordisk A/S (NYSE:NVO) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of Novo Nordisk A/S (NYSE:NVO) from a sell rating to a hold rating in a report issued on Monday, Zacks.com reports. Zacks Investment Research currently has $50.00 price objective on the stock.

According to Zacks, “Novo Nordisk's global launch of Ozempic, the company’s new once-weekly GLP-1, is well on track and the drug continues to gain market share. From a regulatory perspective, the company achieved important milestones with the filing of oral semaglutide both in the United States and the EU. It is optimistic about Ozempic and oral semaglutide. Shares of the company underperformed the industry year to date. However, lower realized prices in the Unites States, loss of exclusivity for products in hormone replacement therapy, and intensifying competition within the diabetes and biopharmaceuticals markets will adversely impact sales, going ahead. Estimates have decreased ahead of the Q2 results. The company has a mixed record of earnings surprises in the recent quarters.”

Other research analysts have also issued reports about the company. Barclays reiterated a hold rating on shares of Bank of Montreal in a report on Tuesday, June 11th. Credit Suisse Group reiterated a sell rating and set a $6.50 target price on shares of Deutsche Bank in a report on Monday, April 29th. Pareto Securities lowered Novo Nordisk A/S from a buy rating to a hold rating in a report on Tuesday, April 30th. UBS Group lowered to a neutral rating and reduced their target price for the stock from GBX 870 ($11.37) to GBX 650 ($8.49) in a report on Wednesday, June 19th. Finally, Deutsche Bank reiterated a buy rating and set a GBX 2,450 ($32.01) target price on shares of in a report on Thursday, June 20th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $111.58.

NYSE:NVO opened at $48.31 on Monday. Novo Nordisk A/S has a 12-month low of $41.23 and a 12-month high of $52.83. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.66. The company has a market cap of $118.55 billion, a price-to-earnings ratio of 19.17, a P/E/G ratio of 2.18 and a beta of 0.60. The business has a fifty day moving average of $50.01.

Novo Nordisk A/S (NYSE:NVO) last posted its quarterly earnings results on Friday, May 3rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.04. Novo Nordisk A/S had a return on equity of 78.28% and a net margin of 33.60%. The business had revenue of $4.46 billion for the quarter, compared to analyst estimates of $4.35 billion. On average, sell-side analysts predict that Novo Nordisk A/S will post 2.43 earnings per share for the current year.

Several institutional investors have recently modified their holdings of NVO. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Novo Nordisk A/S in the first quarter valued at about $49,039,000. Jennison Associates LLC bought a new stake in shares of Novo Nordisk A/S in the first quarter valued at about $33,951,000. Raymond James & Associates lifted its holdings in shares of Novo Nordisk A/S by 83.8% in the first quarter. Raymond James & Associates now owns 1,174,105 shares of the company’s stock valued at $61,418,000 after purchasing an additional 535,302 shares in the last quarter. Sphera Funds Management LTD. bought a new stake in shares of Novo Nordisk A/S in the first quarter valued at about $20,924,000. Finally, Clearbridge Investments LLC lifted its holdings in shares of Novo Nordisk A/S by 42.3% in the first quarter. Clearbridge Investments LLC now owns 1,160,942 shares of the company’s stock valued at $60,729,000 after purchasing an additional 344,989 shares in the last quarter. Institutional investors own 7.13% of the company’s stock.

Novo Nordisk A/S Company Profile

Novo Nordisk A/S, a healthcare company, engages in the development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes Care and Obesity, and Biopharmaceuticals. The Diabetes Care and Obesity segment provides products in the areas of insulins, GLP-1 and related delivery systems, oral anti-diabetic products, obesity, and other chronic diseases.

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