Novo Nordisk A/S (NYSE:NVO) Trading Up 1.1% – Here’s Why

Novo Nordisk A/S (NYSE:NVO)’s share price was up 1.1% on Thursday . The company traded as high as $107.46 and last traded at $106.49. Approximately 1,815,982 shares traded hands during trading, a decline of 59% from the average daily volume of 4,407,391 shares. The stock had previously closed at $105.36.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $160.00 price target on shares of Novo Nordisk A/S in a research note on Wednesday. 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. Finally, StockNews.com raised Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $144.50.

Novo Nordisk A/S Stock Up 2.2 %

The stock has a fifty day moving average price of $122.65 and a 200 day moving average price of $130.59. The stock has a market capitalization of $482.99 billion, a P/E ratio of 36.86, a price-to-earnings-growth ratio of 1.43 and a beta of 0.42. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.75.

Novo Nordisk A/S (NYSE:NVO) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $9.91 billion. On average, research analysts forecast that Novo Nordisk A/S will post 3.01 earnings per share for the current year.

Hedge Funds Weigh In On Novo Nordisk A/S

A number of institutional investors have recently added to or reduced their stakes in the business. Oxbow Advisors LLC purchased a new position in Novo Nordisk A/S in the 1st quarter worth approximately $231,000. MGB Wealth Management LLC grew its position in Novo Nordisk A/S by 23.0% in the first quarter. MGB Wealth Management LLC now owns 2,674 shares of the company’s stock worth $343,000 after acquiring an additional 500 shares in the last quarter. CFO4Life Group LLC increased its stake in Novo Nordisk A/S by 18.7% in the first quarter. CFO4Life Group LLC now owns 2,696 shares of the company’s stock valued at $346,000 after acquiring an additional 425 shares during the last quarter. ORG Partners LLC purchased a new stake in Novo Nordisk A/S during the first quarter valued at about $251,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Novo Nordisk A/S by 228.3% in the 1st quarter. SG Americas Securities LLC now owns 453,280 shares of the company’s stock worth $58,201,000 after purchasing an additional 315,191 shares in the last quarter. 11.54% of the stock is currently 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.