Alta Capital Management LLC Buys 19,130 Shares of Novo Nordisk A/S $NVO

Key Points

• Alta Capital Management LLC increased its stake in Novo Nordisk A/S by 6.6%, acquiring an additional 19,130 shares, bringing its total to 307,717 shares valued at approximately $21.24 million.
• Research analysts exhibit a generally positive outlook for Novo Nordisk, with a consensus rating of "Moderate Buy" and a price target averaging $76.00.
• Shares of Novo Nordisk A/S recently reported a quarterly earnings per share (EPS) of $0.97, exceeding expectations by $0.04, alongside a strong revenue figure of $11.69 billion.

Alta Capital Management LLC grew its stake in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 6.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 307,717 shares of the company's stock after buying an additional 19,130 shares during the period. Novo Nordisk A/S accounts for approximately 1.2% of Alta Capital Management LLC's portfolio, making the stock its 29th largest holding. Alta Capital Management LLC's holdings in Novo Nordisk A/S were worth $21,239,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of NVO. Revolve Wealth Partners LLC increased its position in shares of Novo Nordisk A/S by 8.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,490 shares of the company's stock valued at $214,000 after buying an additional 200 shares during the period. GAMMA Investing LLC increased its position in shares of Novo Nordisk A/S by 9.6% during the first quarter. GAMMA Investing LLC now owns 9,466 shares of the company's stock valued at $657,000 after buying an additional 827 shares during the period. CX Institutional bought a new stake in shares of Novo Nordisk A/S during the first quarter valued at about $36,000. Inscription Capital LLC bought a new stake in shares of Novo Nordisk A/S during the first quarter valued at about $335,000. Finally, GSB Wealth Management LLC increased its position in shares of Novo Nordisk A/S by 3.3% during the first quarter. GSB Wealth Management LLC now owns 25,194 shares of the company's stock valued at $1,749,000 after buying an additional 800 shares during the period. 11.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. TD Cowen decreased their price objective on shares of Novo Nordisk A/S from $105.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday, August 19th. BMO Capital Markets restated a "market perform" rating and issued a $55.00 price objective (up from $50.00) on shares of Novo Nordisk A/S in a research report on Tuesday. HSBC set a $70.00 price objective on shares of Novo Nordisk A/S in a research report on Wednesday, October 1st. 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. Finally, BNP Paribas upgraded shares of Novo Nordisk A/S from an "underperform" rating to a "neutral" rating in a research report on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $76.00.

Novo Nordisk A/S Stock Up 0.1%

Shares of NYSE NVO opened at $56.72 on Thursday. Novo Nordisk A/S has a one year low of $45.05 and a one year high of $119.07. 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 firm's 50 day simple moving average is $56.03 and its two-hundred day simple moving average is $62.94. The stock has a market capitalization of $253.23 billion, a P/E ratio of 15.58, a PEG ratio of 2.60 and a beta of 0.68.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The business had revenue of $11.69 billion for the quarter, compared to analysts' expectations of $77.51 billion. Novo Nordisk A/S had a net margin of 35.60% and a return on equity of 78.64%. As a group, analysts expect that Novo Nordisk A/S will post 3.84 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The business also recently disclosed 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 dividend payout ratio is 22.53%.

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.

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