Novo Nordisk A/S (NYSE:NVO) Shares Down 1.1% – Time to Sell?

Novo Nordisk A/S (NYSE:NVO) dropped 1.1% during mid-day trading on Monday . The company traded as low as $111.82 and last traded at $112.16. Approximately 1,652,414 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 4,272,993 shares. The stock had previously closed at $113.38.

Analyst Upgrades and Downgrades

NVO has been the topic of several analyst reports. StockNews.com downgraded Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 9th. BMO Capital Markets cut their target price on shares of Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $160.00 price target on shares of Novo Nordisk A/S in a research note on Thursday, October 10th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Novo Nordisk A/S presently has an average rating of “Moderate Buy” and an average price target of $144.50.

Novo Nordisk A/S Stock Performance

The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The stock has a market cap of $505.03 billion, a P/E ratio of 38.68, a PEG ratio of 1.52 and a beta of 0.42. The company’s 50-day simple moving average is $126.61 and its 200 day simple moving average is $131.37.

Novo Nordisk A/S (NYSE:NVO) last issued its earnings results on Wednesday, August 7th. The company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.06). Novo Nordisk A/S had a return on equity of 87.43% and a net margin of 34.86%. The company had revenue of $9.82 billion during the quarter, compared to the consensus estimate of $9.91 billion. As a group, sell-side analysts expect that Novo Nordisk A/S will post 3.01 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 16th were paid a dividend of $0.5126 per share. This represents a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 16th. Novo Nordisk A/S’s payout ratio is currently 24.83%.

Hedge Funds Weigh In On Novo Nordisk A/S

A number of institutional investors and hedge funds have recently made changes to their positions in NVO. Hennion & Walsh Asset Management Inc. bought a new position in Novo Nordisk A/S during the 1st quarter valued at about $849,000. Founders Financial Securities LLC acquired a new stake in Novo Nordisk A/S during the 1st quarter worth about $217,000. SteelPeak Wealth LLC raised its position in shares of Novo Nordisk A/S by 16.3% in the first quarter. SteelPeak Wealth LLC now owns 4,916 shares of the company’s stock worth $636,000 after acquiring an additional 690 shares during the period. Miracle Mile Advisors LLC boosted its holdings in Novo Nordisk A/S by 14.9% in the 1st quarter. Miracle Mile Advisors LLC now owns 5,001 shares of the company’s stock worth $642,000 after buying an additional 649 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Novo Nordisk A/S by 12.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 313,291 shares of the company’s stock valued at $40,227,000 after acquiring an additional 33,463 shares in the last quarter. Hedge funds and other institutional investors own 11.54% of the company’s stock.

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.