Novo Nordisk A/S (NYSE:NVO) Stock Price Down 1.9% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO)’s stock price traded down 1.9% during trading on Thursday . The company traded as low as $109.72 and last traded at $111.08. 2,963,599 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 4,337,774 shares. The stock had previously closed at $113.24.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on NVO shares. BMO Capital Markets dropped their price objective on shares of Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $160.00 price target on shares of Novo Nordisk A/S in a report on Thursday, October 10th. Finally, StockNews.com upgraded Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Novo Nordisk A/S currently has an average rating of “Buy” and a consensus price target of $144.50.

Novo Nordisk A/S Stock Down 0.0 %

The firm has a 50-day simple moving average of $124.25 and a 200 day simple moving average of $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 company has a market capitalization of $502.33 billion, a PE ratio of 38.34, a price-to-earnings-growth ratio of 1.48 and a beta of 0.42.

Novo Nordisk A/S (NYSE:NVO) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $9.82 billion during the quarter, compared to analyst estimates of $9.91 billion. On average, research analysts predict that Novo Nordisk A/S will post 3.01 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

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

Institutional Trading of Novo Nordisk A/S

Institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Novo Nordisk A/S by 14.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 289,438 shares of the company’s stock worth $34,463,000 after purchasing an additional 37,346 shares during the last quarter. Independence Bank of Kentucky boosted its position in Novo Nordisk A/S by 192.7% during the 3rd quarter. Independence Bank of Kentucky now owns 11,490 shares of the company’s stock valued at $1,368,000 after purchasing an additional 7,565 shares during the period. Traynor Capital Management Inc. grew its position in Novo Nordisk A/S by 3.4% in the 3rd 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 last quarter. Cetera Investment Advisers raised its stake in shares of Novo Nordisk A/S by 453.3% during the first quarter. Cetera Investment Advisers now owns 265,538 shares of the company’s stock valued at $34,095,000 after purchasing an additional 217,545 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Novo Nordisk A/S in the 2nd quarter worth approximately $1,624,000. 11.54% of the stock is owned by institutional investors and hedge funds.

About Novo Nordisk A/S

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.