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Novo Nordisk (NVO) Stock Falls Amid Market Uptick: What Investors Need to Know
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In the latest trading session, Novo Nordisk (NVO - Free Report) closed at $112.46, marking a -0.82% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.27%. Meanwhile, the Dow experienced a rise of 0.65%, and the technology-dominated Nasdaq saw an increase of 0.26%.
Shares of the drugmaker have depreciated by 6.11% over the course of the past month, underperforming the Medical sector's loss of 4.14% and the S&P 500's gain of 2%.
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. In that report, analysts expect Novo Nordisk to post earnings of $0.90 per share. This would mark year-over-year growth of 23.29%. Meanwhile, our latest consensus estimate is calling for revenue of $10.69 billion, up 24.59% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $3.07 per share and a revenue of $42 billion, demonstrating changes of +13.7% and +24.6%, respectively, from the preceding year.
Any recent changes to analyst estimates for Novo Nordisk should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.01% downward. Novo Nordisk is holding a Zacks Rank of #3 (Hold) right now.
Looking at valuation, Novo Nordisk is presently trading at a Forward P/E ratio of 36.98. For comparison, its industry has an average Forward P/E of 15.65, which means Novo Nordisk is trading at a premium to the group.
Investors should also note that NVO has a PEG ratio of 1.45 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Large Cap Pharmaceuticals stocks are, on average, holding a PEG ratio of 1.6 based on yesterday's closing prices.
The Large Cap Pharmaceuticals industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 36, positioning it in the top 15% of all 250+ industries.
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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Novo Nordisk (NVO) Stock Falls Amid Market Uptick: What Investors Need to Know
In the latest trading session, Novo Nordisk (NVO - Free Report) closed at $112.46, marking a -0.82% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.27%. Meanwhile, the Dow experienced a rise of 0.65%, and the technology-dominated Nasdaq saw an increase of 0.26%.
Shares of the drugmaker have depreciated by 6.11% over the course of the past month, underperforming the Medical sector's loss of 4.14% and the S&P 500's gain of 2%.
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. In that report, analysts expect Novo Nordisk to post earnings of $0.90 per share. This would mark year-over-year growth of 23.29%. Meanwhile, our latest consensus estimate is calling for revenue of $10.69 billion, up 24.59% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $3.07 per share and a revenue of $42 billion, demonstrating changes of +13.7% and +24.6%, respectively, from the preceding year.
Any recent changes to analyst estimates for Novo Nordisk should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 3.01% downward. Novo Nordisk is holding a Zacks Rank of #3 (Hold) right now.
Looking at valuation, Novo Nordisk is presently trading at a Forward P/E ratio of 36.98. For comparison, its industry has an average Forward P/E of 15.65, which means Novo Nordisk is trading at a premium to the group.
Investors should also note that NVO has a PEG ratio of 1.45 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Large Cap Pharmaceuticals stocks are, on average, holding a PEG ratio of 1.6 based on yesterday's closing prices.
The Large Cap Pharmaceuticals industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 36, positioning it in the top 15% of all 250+ industries.
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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.