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Novo Nordisk (NVO) Gains As Market Dips: What You Should Know
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Novo Nordisk (NVO - Free Report) closed the latest trading day at $132.06, indicating a +0.05% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily loss of 0.29%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
Coming into today, shares of the drugmaker had lost 2.81% in the past month. In that same time, the Medical sector gained 1.59%, while the S&P 500 gained 1.57%.
The investment community will be paying close attention to the earnings performance of Novo Nordisk in its upcoming release. The company is slated to reveal its earnings on November 6, 2024. The company's upcoming EPS is projected at $0.91, signifying a 24.66% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $10.79 billion, up 25.8% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.11 per share and revenue of $42.61 billion, indicating changes of +15.19% and +26.4%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Novo Nordisk. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Novo Nordisk is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Novo Nordisk has a Forward P/E ratio of 42.5 right now. This denotes a premium relative to the industry's average Forward P/E of 16.05.
It is also worth noting that NVO currently has a PEG ratio of 1.44. 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 1.69 as of yesterday's close.
The Large Cap Pharmaceuticals industry is part of the Medical sector. With its current Zacks Industry Rank of 79, this industry ranks in the top 32% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Novo Nordisk (NVO) Gains As Market Dips: What You Should Know
Novo Nordisk (NVO - Free Report) closed the latest trading day at $132.06, indicating a +0.05% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily loss of 0.29%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
Coming into today, shares of the drugmaker had lost 2.81% in the past month. In that same time, the Medical sector gained 1.59%, while the S&P 500 gained 1.57%.
The investment community will be paying close attention to the earnings performance of Novo Nordisk in its upcoming release. The company is slated to reveal its earnings on November 6, 2024. The company's upcoming EPS is projected at $0.91, signifying a 24.66% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $10.79 billion, up 25.8% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.11 per share and revenue of $42.61 billion, indicating changes of +15.19% and +26.4%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Novo Nordisk. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Novo Nordisk is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Novo Nordisk has a Forward P/E ratio of 42.5 right now. This denotes a premium relative to the industry's average Forward P/E of 16.05.
It is also worth noting that NVO currently has a PEG ratio of 1.44. 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 1.69 as of yesterday's close.
The Large Cap Pharmaceuticals industry is part of the Medical sector. With its current Zacks Industry Rank of 79, this industry ranks in the top 32% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.