Pinnacle Associates Ltd. Sells 6,168 Shares of Novo Nordisk A/S $NVO

Pinnacle Associates Ltd. lessened its stake in Novo Nordisk A/S (NYSE:NVO) by 14.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,362 shares of the company’s stock after selling 6,168 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Novo Nordisk A/S were worth $2,510,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of NVO. Revolve Wealth Partners LLC lifted its holdings in shares of Novo Nordisk A/S by 8.7% in the fourth 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. Truist Financial Corp lifted its holdings in Novo Nordisk A/S by 16.3% during the first quarter. Truist Financial Corp now owns 655,208 shares of the company’s stock worth $45,498,000 after acquiring an additional 91,974 shares during the period. Olde Wealth Management LLC bought a new stake in Novo Nordisk A/S during the first quarter worth $57,000. Wayfinding Financial LLC bought a new stake in Novo Nordisk A/S during the first quarter worth $46,000. Finally, Bank of New York Mellon Corp lifted its holdings in Novo Nordisk A/S by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 839,802 shares of the company’s stock worth $58,316,000 after acquiring an additional 47,804 shares during the period. Institutional investors own 11.54% of the company’s stock.

Analyst Ratings Changes

NVO has been the topic of a number of recent analyst reports. BMO Capital Markets reiterated a “market perform” rating and set a $55.00 price target (up from $50.00) on shares of Novo Nordisk A/S in a report on Tuesday, October 14th. Zacks Research upgraded Novo Nordisk A/S from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. HSBC set a $70.00 price target on Novo Nordisk A/S in a report on Wednesday, October 1st. BNP Paribas Exane upgraded Novo Nordisk A/S from an “underperform” rating to a “neutral” rating and set a $54.00 price target on the stock in a report on Wednesday, August 13th. Finally, Rothschild & Co Redburn upgraded Novo Nordisk A/S from a “neutral” rating to a “buy” rating in a report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $76.00.

Novo Nordisk A/S Stock Performance

NYSE:NVO opened at $49.40 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.56. The business has a fifty day simple moving average of $56.17 and a two-hundred day simple moving average of $61.91. Novo Nordisk A/S has a 1 year low of $45.05 and a 1 year high of $113.02. The company has a market capitalization of $220.58 billion, a P/E ratio of 13.57, a P/E/G ratio of 2.33 and a beta of 0.68.

Novo Nordisk A/S (NYSE:NVO) last released its earnings results on Wednesday, August 6th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $11.69 billion during the quarter, compared to the consensus estimate of $77.51 billion. On average, analysts expect that Novo Nordisk A/S will post 3.84 earnings per share for the current year.

Novo Nordisk A/S Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Tuesday, August 26th. Shareholders of record on Monday, August 18th were given a $0.4119 dividend. This represents a yield of 240.0%. The ex-dividend date of this dividend was Monday, August 18th. Novo Nordisk A/S’s dividend payout ratio (DPR) 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.