Novo Nordisk A/S (NYSE:NVO) Shares Down 0.4% – Here’s What Happened

Shares of Novo Nordisk A/S (NYSE:NVO) dropped 0.4% during mid-day trading on Tuesday . The company traded as low as $107.75 and last traded at $109.30. Approximately 2,176,238 shares changed hands during trading, a decline of 50% from the average daily volume of 4,360,644 shares. The stock had previously closed at $109.72.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. BMO Capital Markets cut their price target on Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating and set a $160.00 price objective on shares of Novo Nordisk A/S in a research report on Thursday, October 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 Friday. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $144.50.

Novo Nordisk A/S Price Performance

The firm’s 50 day simple moving average is $123.74 and its two-hundred day simple moving average is $130.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.75. The firm has a market capitalization of $490.53 billion, a P/E ratio of 37.43, a P/E/G ratio of 1.46 and a beta of 0.42.

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

Institutional Trading of Novo Nordisk A/S

A number of institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC boosted its position in Novo Nordisk A/S by 14.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 289,438 shares of the company’s stock valued at $34,463,000 after buying an additional 37,346 shares during the period. Private Wealth Partners LLC raised its stake in shares of Novo Nordisk A/S by 155.1% during the third quarter. Private Wealth Partners LLC now owns 33,203 shares of the company’s stock valued at $3,953,000 after acquiring an additional 20,188 shares during the last quarter. Independence Bank of Kentucky raised its stake in shares of Novo Nordisk A/S by 192.7% during the third quarter. Independence Bank of Kentucky now owns 11,490 shares of the company’s stock valued at $1,368,000 after acquiring an additional 7,565 shares during the last quarter. Traynor Capital Management Inc. boosted its holdings in shares of Novo Nordisk A/S by 3.4% during the third quarter. Traynor Capital Management Inc. now owns 305,404 shares of the company’s stock worth $36,364,000 after purchasing an additional 10,019 shares during the period. Finally, Cetera Investment Advisers grew its stake in shares of Novo Nordisk A/S by 453.3% in the first quarter. Cetera Investment Advisers now owns 265,538 shares of the company’s stock worth $34,095,000 after purchasing an additional 217,545 shares during the last quarter. Hedge funds and other institutional investors own 11.54% of the company’s stock.

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.