Montecito Bank & Trust Has $413,000 Position in Novo Nordisk A/S (NYSE:NVO)

Montecito Bank & Trust trimmed its holdings in shares of Novo Nordisk A/S (NYSE:NVO) by 9.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,896 shares of the company’s stock after selling 314 shares during the period. Montecito Bank & Trust’s holdings in Novo Nordisk A/S were worth $413,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. GQG Partners LLC increased its position in shares of Novo Nordisk A/S by 654.6% during the 1st quarter. GQG Partners LLC now owns 3,633,064 shares of the company’s stock worth $466,485,000 after purchasing an additional 3,151,584 shares during the last quarter. Capital International Investors increased its holdings in Novo Nordisk A/S by 22.3% during the fourth quarter. Capital International Investors now owns 7,114,931 shares of the company’s stock worth $736,121,000 after buying an additional 1,297,536 shares during the last quarter. Acadian Asset Management LLC raised its position in Novo Nordisk A/S by 1,300.8% during the first quarter. Acadian Asset Management LLC now owns 1,244,128 shares of the company’s stock worth $159,703,000 after acquiring an additional 1,155,313 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Novo Nordisk A/S by 10.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,589,222 shares of the company’s stock worth $1,102,857,000 after acquiring an additional 823,036 shares in the last quarter. Finally, Norden Group LLC lifted its stake in Novo Nordisk A/S by 2,456.0% in the first quarter. Norden Group LLC now owns 658,856 shares of the company’s stock valued at $84,597,000 after acquiring an additional 633,079 shares during the last quarter. Institutional investors own 11.54% of the company’s stock.

Novo Nordisk A/S Stock Performance

Shares of Novo Nordisk A/S stock traded down $2.75 during trading hours on Friday, reaching $134.82. The company had a trading volume of 1,008,039 shares, compared to its average volume of 4,491,396. The business has a fifty day simple moving average of $137.06 and a 200 day simple moving average of $130.54. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.70 and a quick ratio of 0.50. Novo Nordisk A/S has a one year low of $86.96 and a one year high of $148.15. The firm has a market cap of $605.01 billion, a PE ratio of 47.44, a price-to-earnings-growth ratio of 1.33 and a beta of 0.41.

Novo Nordisk A/S Cuts Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Monday, August 26th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.5126 per share. This represents a dividend yield of 0.7%. The ex-dividend date is Friday, August 16th. Novo Nordisk A/S’s dividend payout ratio is currently 25.52%.

Analysts Set New Price Targets

NVO has been the topic of a number of research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $160.00 target price on shares of Novo Nordisk A/S in a report on Monday, August 5th. Argus upped their price objective on Novo Nordisk A/S from $125.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, June 10th. BMO Capital Markets dropped their price objective on shares of Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group initiated coverage on shares of Novo Nordisk A/S in a report on Thursday, May 30th. They set a “buy” rating and a $156.00 target price on the stock. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Novo Nordisk A/S presently has a consensus rating of “Buy” and a consensus target price of $145.17.

Novo Nordisk A/S Profile

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease.