Pinnacle Associates Ltd. Cuts Stock Position in Novo Nordisk A/S (NYSE:NVO)

Pinnacle Associates Ltd. lessened its stake in Novo Nordisk A/S (NYSE:NVO) by 0.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 33,722 shares of the company’s stock after selling 114 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Novo Nordisk A/S were worth $4,814,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. purchased a new stake in Novo Nordisk A/S in the 2nd quarter worth $25,000. Gilliland Jeter Wealth Management LLC increased its holdings in Novo Nordisk A/S by 200.0% in the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock worth $26,000 after acquiring an additional 120 shares in the last quarter. First PREMIER Bank purchased a new stake in Novo Nordisk A/S in the 1st quarter worth $25,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Novo Nordisk A/S during the first quarter worth $26,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Novo Nordisk A/S during the first quarter worth $26,000. Hedge funds and other institutional investors own 11.54% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NVO shares. StockNews.com lowered shares of Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a report on Monday, August 19th. BMO Capital Markets dropped their target price on shares of Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $160.00 target price on shares of Novo Nordisk A/S in a report on Monday, August 19th. Argus boosted their price target on shares of Novo Nordisk A/S from $125.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Finally, The Goldman Sachs Group initiated coverage on shares of Novo Nordisk A/S in a research report on Thursday, May 30th. They set a “buy” rating and a $156.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Novo Nordisk A/S presently has an average rating of “Moderate Buy” and an average target price of $145.17.

Novo Nordisk A/S Trading Up 1.2 %

NYSE NVO traded up $1.64 during trading hours on Friday, reaching $139.16. The company had a trading volume of 2,718,338 shares, compared to its average volume of 4,368,564. The stock has a 50-day moving average of $135.76 and a 200 day moving average of $132.06. Novo Nordisk A/S has a 1-year low of $86.96 and a 1-year high of $148.15. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $624.48 billion, a P/E ratio of 47.99, a price-to-earnings-growth ratio of 1.33 and a beta of 0.41.

Novo Nordisk A/S (NYSE:NVO) last posted its earnings results on Wednesday, August 7th. The company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.06). Novo Nordisk A/S had a net margin of 36.56% and a return on equity of 91.70%. The company had revenue of $9.82 billion during the quarter, compared to analyst estimates of $9.91 billion. As a group, research analysts anticipate that Novo Nordisk A/S will post 3.38 earnings per share for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The firm also recently declared a semi-annual dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 16th were given a dividend of $0.5126 per share. The ex-dividend date was Friday, August 16th. This represents a dividend yield of 0.7%. Novo Nordisk A/S’s dividend payout ratio is presently 24.83%.

Novo Nordisk A/S Company 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.