Novo Nordisk A/S (NYSE:NVO) Shares Purchased by First Foundation Advisors

First Foundation Advisors increased its position in shares of Novo Nordisk A/S (NYSE:NVO) by 3.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 7,416 shares of the company’s stock after buying an additional 223 shares during the quarter. First Foundation Advisors’ holdings in Novo Nordisk A/S were worth $952,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. First PREMIER Bank purchased a new stake in Novo Nordisk A/S during the first quarter worth $25,000. CNB Bank purchased a new position in Novo Nordisk A/S during the fourth quarter valued at $26,000. Dixon Mitchell Investment Counsel Inc. purchased a new position in Novo Nordisk A/S during the first quarter valued at $26,000. Frank Rimerman Advisors LLC purchased a new position in Novo Nordisk A/S during the fourth quarter valued at $30,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Novo Nordisk A/S during the fourth quarter valued at $31,000. 11.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NVO. The Goldman Sachs Group began coverage on shares of Novo Nordisk A/S in a report on Thursday, May 30th. They set a “buy” rating and a $156.00 price objective on the stock. Argus increased their price objective on shares of Novo Nordisk A/S from $125.00 to $160.00 and gave the company a “buy” rating in a report on Monday, June 10th. BMO Capital Markets reaffirmed an “outperform” rating and set a $163.00 price objective on shares of Novo Nordisk A/S in a report on Tuesday, June 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $160.00 price objective on shares of Novo Nordisk A/S in a report on Monday, July 1st. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Novo Nordisk A/S has a consensus rating of “Moderate Buy” and an average price target of $145.67.

Novo Nordisk A/S Price Performance

Shares of NYSE:NVO traded up $1.55 during midday trading on Friday, hitting $131.54. The company’s stock had a trading volume of 4,319,544 shares, compared to its average volume of 4,081,212. Novo Nordisk A/S has a 12-month low of $77.96 and a 12-month high of $148.15. The company has a market cap of $590.29 billion, a P/E ratio of 45.36, a price-to-earnings-growth ratio of 1.32 and a beta of 0.41. The business’s 50 day simple moving average is $138.93 and its 200 day simple moving average is $127.55. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.50 and a current ratio of 0.70.

Novo Nordisk A/S (NYSE:NVO) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Novo Nordisk A/S had a net margin of 36.56% and a return on equity of 91.70%. The business had revenue of $9.52 billion during the quarter, compared to analysts’ expectations of $9.23 billion. On average, analysts forecast that Novo Nordisk A/S will post 3.38 EPS for the current year.

Novo Nordisk A/S 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.