Novo Nordisk A/S (NYSE:NVO) Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd decreased its position in Novo Nordisk A/S (NYSE:NVO) by 7.3% in the 1st quarter, Holdings Channel reports. The fund owned 2,606,216 shares of the company’s stock after selling 206,565 shares during the period. Novo Nordisk A/S accounts for 2.2% of Magellan Asset Management Ltd’s holdings, making the stock its 21st biggest holding. Magellan Asset Management Ltd’s holdings in Novo Nordisk A/S were worth $180,976,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. North Star Investment Management Corp. raised its stake in shares of Novo Nordisk A/S by 18.2% during the first quarter. North Star Investment Management Corp. now owns 20,742 shares of the company’s stock valued at $1,440,000 after purchasing an additional 3,200 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Novo Nordisk A/S by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 839,802 shares of the company’s stock worth $58,316,000 after purchasing an additional 47,804 shares during the last quarter. Stanley Laman Group Ltd. acquired a new position in shares of Novo Nordisk A/S during the first quarter worth approximately $390,000. Dover Advisors LLC bought a new stake in Novo Nordisk A/S in the first quarter valued at $505,000. Finally, GAMMA Investing LLC grew its holdings in shares of Novo Nordisk A/S by 9.6% during the first quarter. GAMMA Investing LLC now owns 9,466 shares of the company’s stock worth $657,000 after purchasing an additional 827 shares during the last quarter. Institutional investors and hedge funds own 11.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NVO shares. Guggenheim downgraded Novo Nordisk A/S from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 17th. Dbs Bank cut Novo Nordisk A/S to a “sell” rating in a report on Friday, April 25th. UBS Group lowered Novo Nordisk A/S from a “buy” rating to a “neutral” rating in a research report on Tuesday, August 5th. BNP Paribas started coverage on Novo Nordisk A/S in a research report on Tuesday, April 15th. They set an “underperform” rating on the stock. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $64.00 price target (down previously from $105.00) on shares of Novo Nordisk A/S in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Novo Nordisk A/S has an average rating of “Hold” and a consensus price target of $93.67.

Novo Nordisk A/S Stock Performance

Shares of NVO opened at $51.06 on Friday. Novo Nordisk A/S has a 52 week low of $45.05 and a 52 week high of $139.74. The stock has a market cap of $227.98 billion, a P/E ratio of 14.03, a P/E/G ratio of 1.54 and a beta of 0.63. The business’s 50 day moving average price is $67.14 and its 200-day moving average price is $71.54. The company has a quick ratio of 0.56, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Novo Nordisk A/S (NYSE:NVO) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. Novo Nordisk A/S had a return on equity of 78.64% and a net margin of 35.60%. The firm had revenue of $11.69 billion during the quarter, compared to analyst estimates of $77.51 billion. Equities research analysts anticipate that Novo Nordisk A/S will post 3.84 earnings per share for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Monday, August 18th will be given a dividend of $0.4119 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a dividend yield of 240.0%. Novo Nordisk A/S’s dividend payout ratio (DPR) is 45.05%.

About Novo Nordisk A/S

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.