Yahoo Finance Why This 1 Medical Stock Could Be a Great Addition to Your Portfolio
Building an investment portfolio from scratch can be difficult, especially if you're new to investing. It's easy to feel overwhelmed with so many different investment options out there, but focusing on stocks that are set to outperform the market over the next 12 months is an excellent place to start.
Now, let's take a deep dive into a great stock that could be just the right addition to your portfolio.
Why You Should Pay Attention to Novo Nordisk (NVO)
Bagsværd, Denmark-based Novo Nordisk is a global healthcare company and a leader in the worldwide diabetes market with a full portfolio of glucagon-like peptide 1 (GLP-1) receptor agonists, modern insulins and human insulins. The company is also a key player in hemophilia care, growth hormone therapy, hormone replacement therapy and obesity.
On March 7, 2023, NVO was added to the Zacks Focus List at $72.38 per share. Shares have increased 85.18% to $134.03 since then.
Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.07 to $3.43. NVO also boasts an average earnings surprise of 3.8%.
Moreover, analysts are expecting Novo Nordisk's earnings to grow 27% for the current fiscal year.
Since stock prices respond to earnings estimate revisions, it can be very profitable to buy stocks with an increased earnings outlook. By buying a Focus List stock like NVO, then, you're likely getting into a company whose future earnings estimates will be raised, potentially leading to price momentum.
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Novo Nordisk A/S (NVO) : Free Stock Analysis Report
