Novo Nordisk A/S (NYSE:NVO) Shares Down 1.3% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO)’s stock price fell 1.3% on Wednesday . The company traded as low as $58.34 and last traded at $58.8690. 16,110,730 shares changed hands during trading, a decline of 23% from the average session volume of 21,010,773 shares. The stock had previously closed at $59.64.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NVO. Berenberg Bank upgraded Novo Nordisk A/S from a “hold” rating to a “buy” rating in a research report on Wednesday, September 17th. Morgan Stanley restated an “underweight” rating and issued a $42.00 target price on shares of Novo Nordisk A/S in a report on Wednesday, December 3rd. Rothschild & Co Redburn raised Novo Nordisk A/S from a “neutral” rating to a “buy” rating in a report on Tuesday, September 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Novo Nordisk A/S in a research report on Monday, December 29th. Finally, Zacks Research raised Novo Nordisk A/S from a “strong sell” rating to a “hold” rating in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Novo Nordisk A/S presently has a consensus rating of “Hold” and a consensus price target of $56.21.

Novo Nordisk A/S Stock Down 1.3%

The firm has a market cap of $262.85 billion, a PE ratio of 17.11 and a beta of 0.66. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.57. The business has a fifty day moving average price of $50.09 and a two-hundred day moving average price of $55.08.

Novo Nordisk A/S (NYSE:NVO) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.25. Novo Nordisk A/S had a return on equity of 73.50% and a net margin of 32.76%.The firm had revenue of $11.79 billion during the quarter, compared to the consensus estimate of $11.98 billion. On average, analysts anticipate that Novo Nordisk A/S will post 3.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Revolve Wealth Partners LLC grew its holdings in shares of Novo Nordisk A/S by 8.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 2,490 shares of the company’s stock valued at $214,000 after acquiring an additional 200 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Novo Nordisk A/S by 21.0% during the first quarter. AQR Capital Management LLC now owns 62,099 shares of the company’s stock worth $4,312,000 after acquiring an additional 10,758 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in Novo Nordisk A/S by 46.1% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,356 shares of the company’s stock valued at $94,000 after purchasing an additional 428 shares during the last quarter. Gradient Investments LLC purchased a new position in Novo Nordisk A/S in the second quarter valued at about $890,000. Finally, Canandaigua National Bank & Trust Co. grew its stake in Novo Nordisk A/S by 42.0% in the second quarter. Canandaigua National Bank & Trust Co. now owns 6,068 shares of the company’s stock valued at $419,000 after purchasing an additional 1,795 shares in the last quarter. 11.54% of the stock is owned by hedge funds and other institutional investors.

About Novo Nordisk A/S

Novo Nordisk A/S is a Danish multinational pharmaceutical company headquartered in Bagsværd, Denmark, best known for its leadership in diabetes care and metabolic health. The company traces its roots to early Danish insulin production in the 1920s and was established in its current form through a 1989 merger of predecessor companies. Novo Nordisk develops, manufactures and markets pharmaceutical products and devices that address chronic and serious diseases, with a strong emphasis on long-term treatment and patient support.

The company’s core product portfolio centers on diabetes therapies, including a range of insulins and modern incretin-based treatments.