Novo Nordisk A/S (NYSE:NVO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Novo Nordisk’s earnings and sales were below the Zacks Consensus Estimate in the fourth quarter of 2016. The company faces generic threat for several of its products as well as patent expiration issues. We are also concerned about the company’s insulin product prices that are either subsidized or subject to price control. Growth in 2017 is expected to negatively impacted due to the launch of a generic version of Vagifem in the U.S. Shares of Novo Nordisk have significantly underperformed the Large Cap Pharmaceuticals industry year to date. However, strong performance of drugs like Victoza, Tresiba, Saxenda, Xultophy among others continue to bolster performance. The company also submitted a new drug application (NDA) to the Japanese Ministry of Health, Labour and Welfare for its key pipeline candidate semaglutide (once-weekly), for the treatment of adults with type II diabetes.”
Several other equities research analysts also recently weighed in on NVO. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Novo Nordisk A/S in a research note on Thursday, December 1st. Jefferies Group LLC reaffirmed a “hold” rating on shares of Novo Nordisk A/S in a research note on Tuesday, December 20th. JPMorgan Chase & Co. downgraded shares of Novo Nordisk A/S from a “neutral” rating to an “underweight” rating in a research report on Tuesday, January 3rd. Finally, Barclays PLC began coverage on shares of Novo Nordisk A/S in a research report on Tuesday, March 7th. They issued an “underweight” rating on the stock. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $60.00.
Novo Nordisk A/S (NYSE:NVO) traded up 0.8633% on Monday, reaching $34.3137. 597,381 shares of the company were exchanged. The stock has a 50-day moving average price of $34.60 and a 200 day moving average price of $37.29. Novo Nordisk A/S has a 52 week low of $30.89 and a 52 week high of $57.81. The stock has a market capitalization of $85.93 billion, a price-to-earnings ratio of 16.1705 and a beta of 0.83.
The company also recently disclosed an annual dividend, which will be paid on Tuesday, April 4th. Shareholders of record on Monday, March 27th will be given a $0.6634 dividend. This represents a dividend yield of 1.99%. The ex-dividend date is Thursday, March 23rd. Novo Nordisk A/S’s dividend payout ratio is presently 46.19%.
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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Morgan Stanley increased its position in Novo Nordisk A/S by 88.6% in the third quarter. Morgan Stanley now owns 3,012,074 shares of the company’s stock worth $125,273,000 after buying an additional 1,415,016 shares during the period. JPMorgan Chase & Co. increased its position in Novo Nordisk A/S by 124.1% in the third quarter. JPMorgan Chase & Co. now owns 1,156,876 shares of the company’s stock worth $48,115,000 after buying an additional 640,540 shares during the period. Grimes & Company Inc. bought a new position in Novo Nordisk A/S during the third quarter worth approximately $8,000,000. Airain ltd bought a new position in Novo Nordisk A/S during the third quarter worth approximately $4,718,000. Finally, Smithbridge Asset Management Inc. DE increased its position in Novo Nordisk A/S by 37.6% in the third quarter. Smithbridge Asset Management Inc. DE now owns 48,717 shares of the company’s stock worth $2,026,000 after buying an additional 13,313 shares during the period. 6.65% of the stock is currently owned by hedge funds and other institutional investors.
About Novo Nordisk A/S
Novo Nordisk A/S is a global healthcare company engaged in diabetes care. The Company is also engaged in the discovery, development, manufacturing and marketing of pharmaceutical products. The Company operates through two business segments: diabetes and obesity care, and biopharmaceuticals. The Company’s diabetes and obesity care segment covers insulin, GLP-1, other protein-related products, such as glucagon, protein-related delivery systems and needles, and oral anti-diabetic drugs.
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