Chemung Canal Trust Co. Cuts Stock Holdings in Novo Nordisk A/S $NVO

Chemung Canal Trust Co. cut its position in shares of Novo Nordisk A/S (NYSE:NVO) by 5.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,854 shares of the company’s stock after selling 370 shares during the period. Chemung Canal Trust Co.’s holdings in Novo Nordisk A/S were worth $404,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Revolve Wealth Partners LLC increased its stake in shares of Novo Nordisk A/S by 8.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 2,490 shares of the company’s stock valued at $214,000 after purchasing an additional 200 shares in the last quarter. Rhumbline Advisers increased its position in shares of Novo Nordisk A/S by 10.2% in the first quarter. Rhumbline Advisers now owns 63,539 shares of the company’s stock valued at $4,412,000 after buying an additional 5,898 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of Novo Nordisk A/S by 1.5% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 20,032 shares of the company’s stock valued at $1,391,000 after buying an additional 290 shares in the last quarter. Beacon Financial Group raised its stake in shares of Novo Nordisk A/S by 6.5% during the 1st quarter. Beacon Financial Group now owns 2,884 shares of the company’s stock worth $200,000 after buying an additional 177 shares during the period. Finally, Foster Group Inc. purchased a new position in shares of Novo Nordisk A/S during the 1st quarter valued at approximately $216,000. Institutional investors and hedge funds own 11.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Rothschild Redb upgraded shares of Novo Nordisk A/S from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 16th. Rothschild & Co Redburn upgraded shares of Novo Nordisk A/S from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 16th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Novo Nordisk A/S in a report on Saturday, September 27th. Hsbc Global Res raised Novo Nordisk A/S from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, UBS Group lowered Novo Nordisk A/S from a “buy” rating to a “neutral” rating in a research note on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Novo Nordisk A/S presently has an average rating of “Moderate Buy” and an average target price of $77.50.

Novo Nordisk A/S Stock Performance

NYSE:NVO opened at $59.68 on Friday. The firm’s fifty day simple moving average is $54.92 and its 200-day simple moving average is $63.73. The company has a quick ratio of 0.56, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market cap of $266.45 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 2.28 and a beta of 0.68. Novo Nordisk A/S has a fifty-two week low of $45.05 and a fifty-two week high of $120.56.

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

Novo Nordisk A/S Cuts Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Tuesday, August 26th. Investors of record on Monday, August 18th were issued a dividend of $0.4119 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a yield of 240.0%. Novo Nordisk A/S’s payout ratio is currently 22.53%.

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.