Novo Nordisk A/S (NYSE:NVO) Shares Down 2% – What’s Next?

Novo Nordisk A/S (NYSE:NVO)’s share price dropped 2% during mid-day trading on Wednesday . The company traded as low as $106.60 and last traded at $107.91. Approximately 4,077,648 shares traded hands during trading, a decline of 7% from the average daily volume of 4,382,388 shares. The stock had previously closed at $110.13.

Wall Street Analyst Weigh In

NVO has been the subject of a number of recent analyst reports. StockNews.com raised Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $160.00 target price on shares of Novo Nordisk A/S in a research report on Wednesday. Finally, BMO Capital Markets decreased their target price on Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Novo Nordisk A/S has a consensus rating of “Buy” and a consensus target price of $144.50.

Novo Nordisk A/S Stock Down 4.3 %

The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $472.76 billion, a P/E ratio of 36.08, a PEG ratio of 1.43 and a beta of 0.42. The firm has a 50-day moving average price of $122.65 and a two-hundred day moving average price of $130.59.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. 1620 Investment Advisors Inc. bought a new position in Novo Nordisk A/S in the second quarter worth $25,000. Gilliland Jeter Wealth Management LLC lifted its position in Novo Nordisk A/S by 200.0% in the second quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock worth $26,000 after purchasing an additional 120 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in Novo Nordisk A/S in the second quarter worth $25,000. Orion Capital Management LLC bought a new position in Novo Nordisk A/S in the first quarter worth $26,000. Finally, Halpern Financial Inc. lifted its position in Novo Nordisk A/S by 113.0% in the second quarter. Halpern Financial Inc. now owns 213 shares of the company’s stock worth $30,000 after purchasing an additional 113 shares during the period. 11.54% of the stock is owned by institutional investors.

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.