Novo Nordisk A/S (NYSE:NVO) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Novo Nordisk A/S (NYSE:NVO) in a report published on Thursday morning, Benzinga reports. Cantor Fitzgerald currently has a $160.00 price objective on the stock.

A number of other analysts have also recently commented on NVO. BMO Capital Markets dropped their price objective on Novo Nordisk A/S from $170.00 to $160.00 and set an outperform rating for the company in a research report on Thursday, August 8th. StockNews.com cut Novo Nordisk A/S from a strong-buy rating to a buy rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Novo Nordisk A/S has an average rating of Moderate Buy and an average price target of $145.17.

Novo Nordisk A/S Price Performance

Shares of NVO stock traded up $2.17 during mid-day trading on Thursday, reaching $119.70. The stock had a trading volume of 1,388,117 shares, compared to its average volume of 4,309,858. Novo Nordisk A/S has a 12-month low of $92.94 and a 12-month high of $148.15. The company has a market cap of $537.16 billion, a P/E ratio of 40.26, a price-to-earnings-growth ratio of 1.53 and a beta of 0.42. The business has a 50-day simple moving average of $129.54 and a 200 day simple moving average of $132.06. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46.

Novo Nordisk A/S (NYSE:NVO) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.06). The company had revenue of $9.82 billion for the quarter, compared to analysts’ expectations of $9.91 billion. Novo Nordisk A/S had a return on equity of 87.43% and a net margin of 34.86%. On average, sell-side analysts anticipate that Novo Nordisk A/S will post 3.01 earnings per share for the current year.

Novo Nordisk A/S Cuts Dividend

The firm also recently declared a semi-annual dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 16th were paid a $0.5126 dividend. This represents a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 16th. Novo Nordisk A/S’s payout ratio is 24.66%.

Hedge Funds Weigh In On Novo Nordisk A/S

Several hedge funds and other institutional investors have recently modified their holdings of the company. Folketrygdfondet lifted its stake in shares of Novo Nordisk A/S by 1.4% in the 1st quarter. Folketrygdfondet now owns 8,756,034 shares of the company’s stock valued at $1,124,275,000 after purchasing an additional 124,770 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Novo Nordisk A/S by 10.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,589,222 shares of the company’s stock worth $1,102,857,000 after acquiring an additional 823,036 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Novo Nordisk A/S by 1.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 4,254,180 shares of the company’s stock worth $607,242,000 after acquiring an additional 58,935 shares in the last quarter. GQG Partners LLC lifted its position in Novo Nordisk A/S by 654.6% during the 1st 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 in the last quarter. Finally, 1832 Asset Management L.P. lifted its position in Novo Nordisk A/S by 7.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,373,029 shares of the company’s stock worth $304,697,000 after acquiring an additional 172,003 shares in the last quarter. 11.54% of the stock is owned by institutional investors and hedge funds.

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.