Novo Nordisk A/S $NVO Stock Sold by Foundation Resource Management Inc.

Foundation Resource Management Inc. reduced its holdings in shares of Novo Nordisk A/S (NYSE:NVO) by 10.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 159,173 shares of the company’s stock after selling 18,665 shares during the quarter. Foundation Resource Management Inc.’s holdings in Novo Nordisk A/S were worth $6,034,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Novo Nordisk A/S during the 1st quarter worth about $287,660,000. Maverick Capital Ltd. acquired a new position in Novo Nordisk A/S in the first quarter valued at approximately $76,444,000. Public Employees Retirement System of Ohio acquired a new position in Novo Nordisk A/S in the first quarter valued at approximately $27,802,000. Rockefeller Capital Management L.P. increased its stake in Novo Nordisk A/S by 77.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,340,858 shares of the company’s stock valued at $68,223,000 after purchasing an additional 584,275 shares during the last quarter. Finally, Pictet Asset Management Holding SA purchased a new position in Novo Nordisk A/S in the first quarter valued at approximately $17,800,000. Hedge funds and other institutional investors own 11.54% of the company’s stock.

Novo Nordisk A/S Stock Performance

Shares of NVO traded down $0.45 during midday trading on Monday, reaching $38.38. 7,443,598 shares of the stock were exchanged, compared to its average volume of 16,773,137. Novo Nordisk A/S has a twelve month low of $35.12 and a twelve month high of $64.16. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.87 and a quick ratio of 0.66. The company has a market capitalization of $171.38 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 1.32 and a beta of 0.76. The business’s 50-day moving average price is $42.70 and its 200 day moving average price is $43.96.

Novo Nordisk A/S (NYSE:NVO) last announced its earnings results on Tuesday, June 30th. The company reported $0.94 earnings per share (EPS) for the quarter. The firm had revenue of $11.98 billion during the quarter. Novo Nordisk A/S had a return on equity of 58.61% and a net margin of 35.36%. On average, sell-side analysts expect that Novo Nordisk A/S will post 3.42 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The company also recently declared a dividend, which was paid on Tuesday, August 25th. Shareholders of record on Monday, August 17th were given a dividend of $0.5786 per share. This represents a yield of 258.0%. This is a negative change from Novo Nordisk A/S’s previous dividend of $1.2751. The ex-dividend date of this dividend was Monday, August 17th. Novo Nordisk A/S’s dividend payout ratio is presently 20.05%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on NVO shares. Barclays reissued a “neutral” rating on shares of Novo Nordisk A/S in a report on Monday, September 7th. Deutsche Bank Aktiengesellschaft restated a “sell” rating on shares of Novo Nordisk A/S in a research report on Tuesday, September 29th. Citigroup restated a “neutral” rating on shares of Novo Nordisk A/S in a report on Friday, October 9th. Jefferies Financial Group reaffirmed a “neutral” rating on shares of Novo Nordisk A/S in a research report on Monday, September 21st. Finally, Berenberg Bank reiterated a “neutral” rating on shares of Novo Nordisk A/S in a research note on Monday, September 21st. Five research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $59.44.

About Novo Nordisk A/S

Novo Nordisk A/S is a Danish pharmaceutical company headquartered in Bagsværd, Denmark. The company focuses on developing and manufacturing medicines and delivery systems for chronic diseases, with a primary emphasis on diabetes and obesity care.

Novo Nordisk offers a broad portfolio of insulin products, as well as glucagon-like peptide-1 (GLP-1) medicines used in diabetes management and weight treatment. Its well-known products include Ozempic and Rybelsus for type 2 diabetes, Wegovy for chronic weight management, and several modern and human insulin products.