42,982 Novo Nordisk A/S $NVO Shares Sold by Traynor Capital Management Inc.

Key Points

• Traynor Capital Management reduced its Novo Nordisk position by 15.6%, selling 42,982 shares and retaining 232,430 shares valued at approximately $8.81 million. Institutional investors collectively own 11.54% of the company.
• Novo Nordisk shares opened at $39.96, near the lower end of their 12-month range of $35.12 to $64.16. The stock carries a consensus “Hold” rating, with analysts’ average price target at $59.44, although several firms recently issued or reiterated sell ratings.
• The company reported quarterly revenue of $11.98 billion, earnings per share of $0.94, a 35.36% net margin and a 58.61% return on equity. Its latest dividend fell to $0.5786 from $1.2751, while analysts expect full-year EPS of $3.42.

Traynor Capital Management Inc. trimmed its position in Novo Nordisk A/S (NYSE:NVO - Free Report) by 15.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 232,430 shares of the company's stock after selling 42,982 shares during the period. Traynor Capital Management Inc.'s holdings in Novo Nordisk A/S were worth $8,811,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NVO. Scarborough Advisors LLC purchased a new position in shares of Novo Nordisk A/S in the 1st quarter worth approximately $26,000. Continuum Advisory LLC bought a new position in shares of Novo Nordisk A/S in the second quarter valued at approximately $38,000. Root Financial Partners LLC purchased a new stake in shares of Novo Nordisk A/S during the third quarter valued at approximately $32,000. Markowski Investments purchased a new stake in shares of Novo Nordisk A/S during the second quarter valued at approximately $43,000. Finally, Latitude Advisors LLC purchased a new stake in shares of Novo Nordisk A/S during the third quarter valued at approximately $38,000. Hedge funds and other institutional investors own 11.54% of the company's stock.

Novo Nordisk A/S Trading Down 0.1%

Shares of NVO stock opened at $39.96 on Monday. The company has a 50 day moving average of $41.23 and a 200-day moving average of $44.34. The company has a quick ratio of 0.66, a current ratio of 0.87 and a debt-to-equity ratio of 0.55. Novo Nordisk A/S has a 12-month low of $35.12 and a 12-month high of $64.16. The firm has a market cap of $178.42 billion, a P/E ratio of 9.77, a PEG ratio of 1.36 and a beta of 0.70.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The company reported $0.94 EPS for the quarter. Novo Nordisk A/S had a net margin of 35.36% and a return on equity of 58.61%. The company had revenue of $11.98 billion for the quarter. Sell-side analysts anticipate that Novo Nordisk A/S will post 3.42 earnings per share for the current year.

Novo Nordisk A/S Cuts Dividend

The company also recently announced a dividend, which was paid on Tuesday, August 25th. Shareholders of record on Monday, August 17th were paid a $0.5786 dividend. The ex-dividend date was Monday, August 17th. This is a drop from Novo Nordisk A/S's previous dividend of $1.2751. This represents a dividend yield of 258.0%. Novo Nordisk A/S's dividend payout ratio is presently 20.05%.

Wall Street Analysts Forecast Growth

NVO has been the topic of a number of recent analyst reports. Barclays reiterated a "neutral" rating on shares of Novo Nordisk A/S in a report on Monday, September 7th. Jefferies Financial Group reaffirmed a "neutral" rating on shares of Novo Nordisk A/S in a research report on Monday, September 21st. Deutsche Bank Aktiengesellschaft reiterated a "sell" rating on shares of Novo Nordisk A/S in a research note on Tuesday, September 29th. Weiss Ratings downgraded shares of Novo Nordisk A/S from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, October 8th. Finally, Cfra downgraded shares of Novo Nordisk A/S from a "hold" rating to a "sell" rating and set a $38.00 price target on the stock. in a report on Tuesday, September 22nd. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Novo Nordisk A/S currently has a consensus rating of "Hold" and a consensus price target of $59.44.

Novo Nordisk A/S Company Profile

Novo Nordisk A/S is a Danish pharmaceutical company headquartered in Bagsværd, Denmark. The company focuses on developing and manufacturing medicines and delivery systems for chronic diseases, with a primary emphasis on diabetes and obesity care.

Novo Nordisk offers a broad portfolio of insulin products, as well as glucagon-like peptide-1 (GLP-1) medicines used in diabetes management and weight treatment. Its well-known products include Ozempic and Rybelsus for type 2 diabetes, Wegovy for chronic weight management, and several modern and human insulin products.

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