Novo Nordisk A/S (NYSE:NVO) Trading 6.6% Higher After Analyst Upgrade

Novo Nordisk A/S (NYSE:NVO)’s share price shot up 6.6% during trading on Wednesday after HSBC upgraded the stock from a hold rating to a buy rating. The stock traded as high as $59.22 and last traded at $59.15. 24,693,063 shares traded hands during trading, an increase of 103% from the average session volume of 12,153,879 shares. The stock had previously closed at $55.49.

A number of other research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Novo Nordisk A/S from a “buy” rating to a “hold” rating in a research note on Saturday, August 2nd. Barclays reaffirmed an “equal weight” rating on shares of Novo Nordisk A/S in a research report on Wednesday, July 30th. TD Cowen cut their price objective on Novo Nordisk A/S from $105.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, August 19th. Zacks Research upgraded Novo Nordisk A/S from a “strong sell” rating to a “hold” rating in a research note on Monday. Finally, Dbs Bank raised Novo Nordisk A/S from a “strong sell” rating to a “hold” rating in a research report on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Novo Nordisk A/S currently has a consensus rating of “Hold” and an average target price of $77.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NVO. First Hawaiian Bank raised its stake in shares of Novo Nordisk A/S by 0.6% in the 1st quarter. First Hawaiian Bank now owns 22,401 shares of the company’s stock valued at $1,556,000 after buying an additional 142 shares in the last quarter. Anchor Investment Management LLC increased its stake in Novo Nordisk A/S by 1.1% in the first quarter. Anchor Investment Management LLC now owns 13,597 shares of the company’s stock valued at $944,000 after acquiring an additional 150 shares during the period. Xponance Inc. raised its position in Novo Nordisk A/S by 5.0% in the first quarter. Xponance Inc. now owns 3,314 shares of the company’s stock worth $230,000 after purchasing an additional 158 shares in the last quarter. Foster Dykema Cabot & Partners LLC lifted its stake in Novo Nordisk A/S by 3.8% during the first quarter. Foster Dykema Cabot & Partners LLC now owns 4,526 shares of the company’s stock worth $319,000 after purchasing an additional 166 shares during the period. Finally, Werba Rubin Papier Wealth Management boosted its holdings in Novo Nordisk A/S by 4.1% during the second quarter. Werba Rubin Papier Wealth Management now owns 4,378 shares of the company’s stock valued at $302,000 after purchasing an additional 173 shares in the last quarter. 11.54% of the stock is owned by institutional investors.

Novo Nordisk A/S Stock Up 6.6%

The company has a market capitalization of $264.08 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 2.13 and a beta of 0.68. The business has a fifty day simple moving average of $55.40 and a two-hundred day simple moving average of $64.13. The company has a quick ratio of 0.56, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Novo Nordisk A/S (NYSE:NVO) last posted its earnings results on Wednesday, August 6th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. The business had revenue of $11.69 billion during the quarter, compared to the consensus estimate of $77.51 billion. Novo Nordisk A/S had a return on equity of 78.64% and a net margin of 35.60%. Equities analysts expect that Novo Nordisk A/S will post 3.84 EPS for the current year.

Novo Nordisk A/S Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Tuesday, August 26th. Stockholders of record on Monday, August 18th were paid a $0.4119 dividend. This represents a dividend yield of 240.0%. The ex-dividend date was Monday, August 18th. Novo Nordisk A/S’s payout ratio is currently 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.