Novo Nordisk A/S to Post FY2024 Earnings of $3.20 Per Share, Cantor Fitzgerald Forecasts (NYSE:NVO)

Novo Nordisk A/S (NYSE:NVO) – Equities research analysts at Cantor Fitzgerald dropped their FY2024 earnings per share estimates for shares of Novo Nordisk A/S in a research note issued on Friday, May 3rd. Cantor Fitzgerald analyst L. Chen now anticipates that the company will post earnings of $3.20 per share for the year, down from their prior forecast of $3.21. Cantor Fitzgerald has a “Overweight” rating and a $160.00 price target on the stock. The consensus estimate for Novo Nordisk A/S’s current full-year earnings is $3.32 per share.

A number of other brokerages have also weighed in on NVO. BMO Capital Markets initiated coverage on Novo Nordisk A/S in a research report on Friday, April 12th. They set an “outperform” rating and a $163.00 price objective on the stock. UBS Group started coverage on Novo Nordisk A/S in a report on Tuesday, January 16th. They set a “neutral” rating on the stock. Finally, Morgan Stanley started coverage on Novo Nordisk A/S in a report on Tuesday, January 23rd. They set an “overweight” rating and a $120.00 target price on the stock. Two investment analysts have 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, Novo Nordisk A/S has an average rating of “Moderate Buy” and an average target price of $133.60.

Novo Nordisk A/S Trading Up 1.2 %

Shares of NVO stock opened at $124.57 on Monday. The firm has a market capitalization of $559.01 billion, a P/E ratio of 42.96, a P/E/G ratio of 1.93 and a beta of 0.43. Novo Nordisk A/S has a twelve month low of $75.56 and a twelve month high of $138.28. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.17. The stock’s fifty day simple moving average is $127.22 and its 200 day simple moving average is $113.29.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NVO. Xponance Inc. acquired a new position in shares of Novo Nordisk A/S in the 3rd quarter valued at about $248,000. Stratos Wealth Advisors LLC acquired a new position in shares of Novo Nordisk A/S in the 3rd quarter valued at about $237,000. Bank of New York Mellon Corp lifted its stake in shares of Novo Nordisk A/S by 97.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 863,598 shares of the company’s stock valued at $78,536,000 after purchasing an additional 425,392 shares during the period. Brown Advisory Inc. lifted its stake in shares of Novo Nordisk A/S by 96.0% in the 3rd quarter. Brown Advisory Inc. now owns 107,860 shares of the company’s stock valued at $9,809,000 after purchasing an additional 52,830 shares during the period. Finally, Miracle Mile Advisors LLC lifted its stake in shares of Novo Nordisk A/S by 100.0% in the 3rd quarter. Miracle Mile Advisors LLC now owns 3,346 shares of the company’s stock valued at $304,000 after purchasing an additional 1,673 shares during the period. 11.54% of the stock is owned by institutional investors and hedge funds.

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.