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Novo Nordisk (NVO) Stock Dips While Market Gains: Key Facts
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In the latest trading session, Novo Nordisk (NVO - Free Report) closed at $105.49, marking a -1.37% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.22%. On the other hand, the Dow registered a gain of 0.36%, and the technology-centric Nasdaq increased by 0.32%.
Coming into today, shares of the drugmaker had gained 4.14% in the past month. In that same time, the Medical sector gained 2.3%, while the S&P 500 gained 1.61%.
Investors will be eagerly watching for the performance of Novo Nordisk in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on January 31, 2024. It is anticipated that the company will report an EPS of $0.66, marking a 57.14% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $9.14 billion, showing a 38.47% escalation compared to the year-ago quarter.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Novo Nordisk. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.43% higher. Novo Nordisk is currently sporting a Zacks Rank of #1 (Strong Buy).
Investors should also note Novo Nordisk's current valuation metrics, including its Forward P/E ratio of 32.47. This represents a premium compared to its industry's average Forward P/E of 14.72.
It is also worth noting that NVO currently has a PEG ratio of 1.17. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Large Cap Pharmaceuticals industry had an average PEG ratio of 1.82 as trading concluded yesterday.
The Large Cap Pharmaceuticals industry is part of the Medical sector. This group has a Zacks Industry Rank of 96, putting it in the top 39% of all 250+ industries.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Novo Nordisk (NVO) Stock Dips While Market Gains: Key Facts
In the latest trading session, Novo Nordisk (NVO - Free Report) closed at $105.49, marking a -1.37% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.22%. On the other hand, the Dow registered a gain of 0.36%, and the technology-centric Nasdaq increased by 0.32%.
Coming into today, shares of the drugmaker had gained 4.14% in the past month. In that same time, the Medical sector gained 2.3%, while the S&P 500 gained 1.61%.
Investors will be eagerly watching for the performance of Novo Nordisk in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on January 31, 2024. It is anticipated that the company will report an EPS of $0.66, marking a 57.14% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $9.14 billion, showing a 38.47% escalation compared to the year-ago quarter.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Novo Nordisk. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.43% higher. Novo Nordisk is currently sporting a Zacks Rank of #1 (Strong Buy).
Investors should also note Novo Nordisk's current valuation metrics, including its Forward P/E ratio of 32.47. This represents a premium compared to its industry's average Forward P/E of 14.72.
It is also worth noting that NVO currently has a PEG ratio of 1.17. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Large Cap Pharmaceuticals industry had an average PEG ratio of 1.82 as trading concluded yesterday.
The Large Cap Pharmaceuticals industry is part of the Medical sector. This group has a Zacks Industry Rank of 96, putting it in the top 39% of all 250+ industries.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.