Novo Nordisk A/S (NYSE:NVO)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $49.42, but opened at $51.53. Novo Nordisk A/S shares last traded at $53.06, with a volume of 3213795 shares.
NVO has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Novo Nordisk A/S from an “equal weight” rating to an “overweight” rating in a report on Friday, December 1st. Deutsche Bank reiterated a “buy” rating on shares of Novo Nordisk A/S in a report on Monday, January 8th. Zacks Investment Research lowered shares of Novo Nordisk A/S from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Bank of America upgraded shares of Novo Nordisk A/S from a “neutral” rating to a “buy” rating in a report on Wednesday, December 6th. Finally, JPMorgan Chase & Co. upgraded shares of Novo Nordisk A/S from an “underweight” rating to a “neutral” rating in a report on Friday, December 29th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Novo Nordisk A/S currently has an average rating of “Hold” and an average price target of $64.00.
The company has a market capitalization of $105,110.00, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 3.29 and a beta of 0.57.
Novo Nordisk A/S declared that its Board of Directors has authorized a share repurchase program on Thursday, February 1st that permits the company to buyback shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BB&T Corp raised its stake in Novo Nordisk A/S by 14.5% during the third quarter. BB&T Corp now owns 128,300 shares of the company’s stock worth $6,177,000 after buying an additional 16,202 shares during the last quarter. Cetera Advisor Networks LLC raised its stake in Novo Nordisk A/S by 21.7% during the third quarter. Cetera Advisor Networks LLC now owns 12,082 shares of the company’s stock worth $583,000 after buying an additional 2,151 shares during the last quarter. Flow Traders U.S. LLC raised its stake in Novo Nordisk A/S by 183.5% during the third quarter. Flow Traders U.S. LLC now owns 15,416 shares of the company’s stock worth $742,000 after buying an additional 9,979 shares during the last quarter. Foyston Gordon & Payne Inc raised its stake in Novo Nordisk A/S by 49.7% during the third quarter. Foyston Gordon & Payne Inc now owns 171,472 shares of the company’s stock worth $8,256,000 after buying an additional 56,941 shares during the last quarter. Finally, TRUE Private Wealth Advisors bought a new position in Novo Nordisk A/S during the fourth quarter worth $327,000. 6.83% of the stock is owned by institutional investors and hedge funds.
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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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