DAVENPORT & Co LLC Acquires 11,508 Shares of Novo Nordisk A/S $NVO

DAVENPORT & Co LLC boosted its holdings in Novo Nordisk A/S (NYSE:NVO) by 0.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,707,030 shares of the company’s stock after purchasing an additional 11,508 shares during the quarter. DAVENPORT & Co LLC’s holdings in Novo Nordisk A/S were worth $117,608,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC raised its holdings in shares of Novo Nordisk A/S by 301,443.6% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 10,005,216 shares of the company’s stock worth $690,560,000 after acquiring an additional 10,001,898 shares in the last quarter. Nuveen LLC bought a new position in Novo Nordisk A/S during the first quarter valued at $370,272,000. Amundi grew its stake in shares of Novo Nordisk A/S by 49.1% in the 1st quarter. Amundi now owns 4,938,507 shares of the company’s stock worth $331,576,000 after buying an additional 1,627,051 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Novo Nordisk A/S by 15,919.9% in the 1st quarter. Acadian Asset Management LLC now owns 1,044,658 shares of the company’s stock worth $72,523,000 after buying an additional 1,038,137 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Novo Nordisk A/S by 118.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,594,544 shares of the company’s stock valued at $110,725,000 after buying an additional 864,579 shares in the last quarter. Hedge funds and other institutional investors own 11.54% of the company’s stock.

Analysts Set New Price Targets

NVO has been the subject of several recent research reports. HSBC set a $70.00 price target on Novo Nordisk A/S in a research report on Wednesday. UBS Group cut Novo Nordisk A/S from a “buy” rating to a “neutral” rating in a report on Tuesday, August 5th. Wall Street Zen lowered Novo Nordisk A/S from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Weiss Ratings restated a “hold (c-)” rating on shares of Novo Nordisk A/S in a research report on Saturday, September 27th. Finally, Morgan Stanley cut shares of Novo Nordisk A/S from an “overweight” rating to an “underweight” rating and cut their price objective for the company from $59.00 to $47.00 in a research report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Novo Nordisk A/S presently has an average rating of “Moderate Buy” and a consensus target price of $77.50.

Novo Nordisk A/S Stock Performance

NVO stock opened at $59.68 on Monday. Novo Nordisk A/S has a twelve month low of $45.05 and a twelve month high of $120.56. The firm has a market cap of $266.45 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 2.63 and a beta of 0.68. The business’s fifty day simple moving average is $54.92 and its two-hundred day simple moving average is $63.63. 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 results 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 analysts’ expectations of $77.51 billion. Analysts predict that Novo Nordisk A/S will post 3.84 earnings per share for the current year.

Novo Nordisk A/S Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Tuesday, August 26th. Stockholders of record on Monday, August 18th were paid a dividend of $0.4119 per share. This represents a dividend yield of 240.0%. The ex-dividend date of this dividend was Monday, August 18th. 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.