Agate Pass Investment Management LLC Lowers Stock Holdings in Novo Nordisk A/S (NYSE:NVO)

Agate Pass Investment Management LLC lowered its position in shares of Novo Nordisk A/S (NYSE:NVO) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,225 shares of the company’s stock after selling 597 shares during the period. Agate Pass Investment Management LLC’s holdings in Novo Nordisk A/S were worth $1,888,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. First PREMIER Bank bought a new position in shares of Novo Nordisk A/S in the 1st quarter worth $25,000. CNB Bank purchased a new position in shares of Novo Nordisk A/S during the fourth quarter worth approximately $26,000. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Novo Nordisk A/S in the 1st quarter worth approximately $26,000. Orion Capital Management LLC purchased a new stake in shares of Novo Nordisk A/S in the 1st quarter valued at $26,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Novo Nordisk A/S during the 4th quarter valued at $30,000. Institutional investors own 11.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NVO. BMO Capital Markets lowered their target price on Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Argus increased their price objective on Novo Nordisk A/S from $125.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, June 10th. The Goldman Sachs Group initiated coverage on shares of Novo Nordisk A/S in a report on Thursday, May 30th. They issued a “buy” rating and a $156.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $160.00 price target on shares of Novo Nordisk A/S in a report on Monday, August 5th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Novo Nordisk A/S presently has an average rating of “Buy” and an average price target of $145.17.

Novo Nordisk A/S Stock Up 2.8 %

Shares of Novo Nordisk A/S stock traded up $3.64 during midday trading on Tuesday, hitting $133.53. The company had a trading volume of 3,320,980 shares, compared to its average volume of 4,540,164. Novo Nordisk A/S has a 52-week low of $86.96 and a 52-week high of $148.15. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.50 and a current ratio of 0.70. The stock has a market capitalization of $599.22 billion, a P/E ratio of 46.04, a P/E/G ratio of 1.33 and a beta of 0.41. The company has a 50 day moving average of $137.42 and a 200 day moving average of $130.28.

Novo Nordisk A/S Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Monday, August 26th. Stockholders of record on Friday, August 16th will be paid a $0.5126 dividend. The ex-dividend date is Friday, August 16th. This represents a dividend yield of 0.7%. Novo Nordisk A/S’s dividend payout ratio is presently 25.52%.

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.