Analysts Issue Forecasts for Novo Nordisk A/S’s FY2024 Earnings (NYSE:NVO)

Novo Nordisk A/S (NYSE:NVO) – Analysts at Cantor Fitzgerald dropped their FY2024 EPS estimates for Novo Nordisk A/S in a report released on Wednesday, March 27th. Cantor Fitzgerald analyst L. Chen now forecasts that the company will post earnings of $3.21 per share for the year, down from their previous estimate of $3.23. 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 $3.35 per share.

Novo Nordisk A/S (NYSE:NVO) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05. Novo Nordisk A/S had a net margin of 36.03% and a return on equity of 90.36%. The company had revenue of $9.51 billion during the quarter, compared to analyst estimates of $9.14 billion.

Other equities analysts also recently issued research reports about the stock. UBS Group started coverage on shares of Novo Nordisk A/S in a research note on Tuesday, January 16th. They issued a “neutral” rating for the company. Morgan Stanley assumed coverage on Novo Nordisk A/S in a report on Tuesday, January 23rd. They issued an “overweight” rating and a $120.00 price target for the company. Finally, TD Cowen boosted their price objective on Novo Nordisk A/S from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday, December 4th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.25.

Novo Nordisk A/S Stock Up 0.3 %

NVO stock opened at $128.40 on Friday. The stock has a fifty day moving average of $121.76 and a 200-day moving average of $104.38. Novo Nordisk A/S has a fifty-two week low of $75.56 and a fifty-two week high of $138.28. The company has a market capitalization of $576.20 billion, a price-to-earnings ratio of 47.47, a PEG ratio of 2.11 and a beta of 0.41. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.64 and a current ratio of 0.82.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Westside Investment Management Inc. increased its holdings in shares of Novo Nordisk A/S by 83.3% in the 3rd quarter. Westside Investment Management Inc. now owns 1,428 shares of the company’s stock worth $130,000 after buying an additional 649 shares during the last quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD bought a new position in Novo Nordisk A/S in the third quarter valued at $2,408,000. Lazard Asset Management LLC increased its stake in Novo Nordisk A/S by 182.2% in the third quarter. Lazard Asset Management LLC now owns 1,494,214 shares of the company’s stock valued at $135,883,000 after acquiring an additional 964,640 shares during the last quarter. Benedict Financial Advisors Inc. lifted its stake in Novo Nordisk A/S by 94.0% during the third quarter. Benedict Financial Advisors Inc. now owns 44,292 shares of the company’s stock worth $4,028,000 after purchasing an additional 21,457 shares during the last quarter. Finally, CENTRAL TRUST Co raised its holdings in shares of Novo Nordisk A/S by 111.6% during the 3rd quarter. CENTRAL TRUST Co now owns 6,004 shares of the company’s stock valued at $546,000 after buying an additional 3,166 shares in the last quarter. Hedge funds and other institutional investors own 11.54% of the company’s stock.

Novo Nordisk A/S Increases Dividend

The firm also recently declared a Semi-Annual dividend, which will be paid on Tuesday, April 2nd. Stockholders of record on Monday, March 25th will be given a dividend of $0.664 per share. This represents a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, March 22nd. This is an increase from Novo Nordisk A/S’s previous Semi-Annual dividend of $0.22. Novo Nordisk A/S’s dividend payout ratio (DPR) is 49.17%.

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.