FY2024 EPS Estimates for Novo Nordisk A/S Cut by Analyst (NYSE:NVO)

Novo Nordisk A/S (NYSE:NVO) – Equities researchers at Cantor Fitzgerald cut their FY2024 earnings per share estimates for shares of Novo Nordisk A/S in a research note issued to investors on Friday, May 3rd. Cantor Fitzgerald analyst L. Chen now expects that the company will post earnings of $3.20 per share for the year, down from their previous estimate of $3.21. Cantor Fitzgerald has a “Overweight” rating and a $160.00 price objective on the stock. The consensus estimate for Novo Nordisk A/S’s current full-year earnings is $3.32 per share.

Other equities analysts also recently issued reports about the stock. Morgan Stanley started coverage on shares of Novo Nordisk A/S in a research note on Tuesday, January 23rd. They set an “overweight” rating and a $120.00 price objective for the company. BMO Capital Markets assumed coverage on Novo Nordisk A/S in a research note on Friday, April 12th. They issued an “outperform” rating and a $163.00 price target for the company. Finally, UBS Group started coverage on Novo Nordisk A/S in a research note on Tuesday, January 16th. They set a “neutral” rating on the stock. 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. According to MarketBeat.com, Novo Nordisk A/S has an average rating of “Moderate Buy” and a consensus price target of $133.60.

Novo Nordisk A/S Price Performance

NYSE NVO opened at $127.28 on Monday. The firm’s 50 day moving average is $127.33 and its 200-day moving average is $113.50. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $571.17 billion, a PE ratio of 43.89, a price-to-earnings-growth ratio of 1.93 and a beta of 0.43. Novo Nordisk A/S has a 12-month low of $75.56 and a 12-month high of $138.28.

Hedge Funds Weigh In On Novo Nordisk A/S

Several hedge funds and other institutional investors have recently modified their holdings of NVO. Pacific Center for Financial Services raised its position in Novo Nordisk A/S by 100.0% during the 3rd quarter. Pacific Center for Financial Services now owns 270 shares of the company’s stock worth $25,000 after purchasing an additional 135 shares during the last quarter. First PREMIER Bank acquired a new position in Novo Nordisk A/S in the first quarter valued at approximately $25,000. Bell Investment Advisors Inc boosted its holdings in shares of Novo Nordisk A/S by 79.9% during the 3rd quarter. Bell Investment Advisors Inc now owns 286 shares of the company’s stock worth $26,000 after buying an additional 127 shares in the last quarter. CNB Bank acquired a new stake in Novo Nordisk A/S in the fourth quarter worth $26,000. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Novo Nordisk A/S in the 1st quarter valued at about $26,000. 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.