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Novo Nordisk (NVO) Advances While Market Declines: Some Information for Investors
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Novo Nordisk (NVO - Free Report) closed the most recent trading day at $97.12, moving +0.86% from the previous trading session. The stock's change was more than the S&P 500's daily loss of 0.17%. Elsewhere, the Dow lost 0.58%, while the tech-heavy Nasdaq added 0.27%.
Shares of the drugmaker witnessed a gain of 5.47% over the previous month, beating the performance of the Medical sector with its loss of 5.22% and the S&P 500's loss of 3.95%.
Analysts and investors alike will be keeping a close eye on the performance of Novo Nordisk in its upcoming earnings disclosure. The company's earnings report is set to go public on November 2, 2023. The company's upcoming EPS is projected at $0.58, signifying a 34.88% increase compared to the same quarter of the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Novo Nordisk. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 1.84% higher within the past month. Novo Nordisk is currently sporting a Zacks Rank of #5 (Strong Sell).
In the context of valuation, Novo Nordisk is at present trading with a Forward P/E ratio of 43.94. This valuation marks a premium compared to its industry's average Forward P/E of 15.16.
We can also see that NVO currently has a PEG ratio of 1.75. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Large Cap Pharmaceuticals industry currently had an average PEG ratio of 1.75 as of yesterday's close.
The Large Cap Pharmaceuticals industry is part of the Medical sector. With its current Zacks Industry Rank of 240, this industry ranks in the bottom 5% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Novo Nordisk (NVO) Advances While Market Declines: Some Information for Investors
Novo Nordisk (NVO - Free Report) closed the most recent trading day at $97.12, moving +0.86% from the previous trading session. The stock's change was more than the S&P 500's daily loss of 0.17%. Elsewhere, the Dow lost 0.58%, while the tech-heavy Nasdaq added 0.27%.
Shares of the drugmaker witnessed a gain of 5.47% over the previous month, beating the performance of the Medical sector with its loss of 5.22% and the S&P 500's loss of 3.95%.
Analysts and investors alike will be keeping a close eye on the performance of Novo Nordisk in its upcoming earnings disclosure. The company's earnings report is set to go public on November 2, 2023. The company's upcoming EPS is projected at $0.58, signifying a 34.88% increase compared to the same quarter of the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Novo Nordisk. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 1.84% higher within the past month. Novo Nordisk is currently sporting a Zacks Rank of #5 (Strong Sell).
In the context of valuation, Novo Nordisk is at present trading with a Forward P/E ratio of 43.94. This valuation marks a premium compared to its industry's average Forward P/E of 15.16.
We can also see that NVO currently has a PEG ratio of 1.75. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Large Cap Pharmaceuticals industry currently had an average PEG ratio of 1.75 as of yesterday's close.
The Large Cap Pharmaceuticals industry is part of the Medical sector. With its current Zacks Industry Rank of 240, this industry ranks in the bottom 5% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.