Novo Nordisk A/S (NYSE:NVO) Shares Down 1.1% After Analyst Downgrade

Novo Nordisk A/S (NYSE:NVO) shares fell 1.1% during mid-day trading on Wednesday after TD Cowen lowered their price target on the stock from $105.00 to $70.00. TD Cowen currently has a buy rating on the stock. Novo Nordisk A/S traded as low as $53.84 and last traded at $54.19. 5,644,064 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 11,653,156 shares. The stock had previously closed at $54.78.

Several other brokerages have also issued reports on NVO. Barclays reiterated an “equal weight” rating on shares of Novo Nordisk A/S in a research report on Wednesday, July 30th. Hsbc Global Res lowered Novo Nordisk A/S from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 31st. HSBC lowered Novo Nordisk A/S from a “buy” rating to a “hold” rating and set a $57.00 price objective for the company. in a research report on Thursday, July 31st. BNP Paribas Exane upgraded Novo Nordisk A/S from an “underperform” rating to a “neutral” rating and set a $54.00 target price on the stock in a research note on Wednesday, August 13th. Finally, Wall Street Zen cut Novo Nordisk A/S from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Three analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $81.00.

Institutional Investors Weigh In On Novo Nordisk A/S

A number of institutional investors and hedge funds have recently made changes to their positions in NVO. Copeland Capital Management LLC raised its stake in shares of Novo Nordisk A/S by 184.8% during the 1st quarter. Copeland Capital Management LLC now owns 393 shares of the company’s stock worth $27,000 after purchasing an additional 255 shares in the last quarter. North Capital Inc. bought a new stake in shares of Novo Nordisk A/S during the 1st quarter worth approximately $27,000. Park Square Financial Group LLC bought a new stake in shares of Novo Nordisk A/S during the 4th quarter worth approximately $29,000. Stone House Investment Management LLC bought a new stake in shares of Novo Nordisk A/S during the 1st quarter worth approximately $30,000. Finally, NewSquare Capital LLC raised its stake in shares of Novo Nordisk A/S by 174.1% during the 2nd quarter. NewSquare Capital LLC now owns 444 shares of the company’s stock worth $31,000 after purchasing an additional 282 shares in the last quarter. Institutional investors own 11.54% of the company’s stock.

Novo Nordisk A/S Trading Down 0.9%

The company has a market cap of $242.44 billion, a P/E ratio of 14.92, a PEG ratio of 1.88 and a beta of 0.63. The company has a current ratio of 0.78, a quick ratio of 0.56 and a debt-to-equity ratio of 0.52. The business has a 50 day moving average price of $63.54 and a 200-day moving average price of $69.81.

Novo Nordisk A/S (NYSE:NVO) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. Novo Nordisk A/S had a return on equity of 78.64% and a net margin of 35.60%.The company had revenue of $11.69 billion for the quarter, compared to analysts’ expectations of $77.51 billion. Analysts forecast that Novo Nordisk A/S will post 3.84 earnings per share for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Tuesday, August 26th. Investors of record on Monday, August 18th will be paid a $0.4119 dividend. This represents a yield of 240.0%. The ex-dividend date is Monday, August 18th. Novo Nordisk A/S’s dividend payout ratio is 22.53%.

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.