Bank of America Corp DE Cuts Stock Position in Novo Nordisk A/S $NVO

Key Points

• Bank of America trimmed its stake in Novo Nordisk by 9.0% in Q3, selling 1,318,100 shares and retaining 13,403,378 shares worth about $743.8 million (roughly a 0.30% stake) at quarter-end.
• Analyst sentiment is muted with an average rating of Hold and an average price target of $49.93, following recent downgrades and price-target cuts (e.g., Goldman Sachs cut its target to $41 from $63).
• Novo Nordisk is trading well below its 52-week high (opened at $38.57 vs a 52-week high of $82.57), has a market cap of about $172.2 billion and recently announced a $1.2751 dividend to be paid April 8.

Bank of America Corp DE trimmed its position in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 9.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,403,378 shares of the company's stock after selling 1,318,100 shares during the quarter. Bank of America Corp DE owned 0.30% of Novo Nordisk A/S worth $743,753,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of NVO. True Wealth Design LLC lifted its position in shares of Novo Nordisk A/S by 209.8% during the third quarter. True Wealth Design LLC now owns 443 shares of the company's stock worth $25,000 after purchasing an additional 300 shares in the last quarter. Guerra Advisors Inc acquired a new position in shares of Novo Nordisk A/S in the third quarter valued at approximately $25,000. Strengthening Families & Communities LLC purchased a new stake in Novo Nordisk A/S during the 3rd quarter worth approximately $30,000. Allianz SE increased its stake in Novo Nordisk A/S by 70.0% during the 3rd quarter. Allianz SE now owns 578 shares of the company's stock worth $32,000 after buying an additional 238 shares during the period. Finally, Financial Life Planners purchased a new stake in Novo Nordisk A/S during the 3rd quarter worth approximately $33,000. 11.54% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $41.00 price target (down from $63.00) on shares of Novo Nordisk A/S in a research report on Monday, March 2nd. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Novo Nordisk A/S in a research report on Tuesday, February 24th. Deutsche Bank Aktiengesellschaft cut Novo Nordisk A/S from a "buy" rating to a "hold" rating in a research note on Monday, February 23rd. Zacks Research upgraded Novo Nordisk A/S from a "strong sell" rating to a "hold" rating in a report on Tuesday, March 10th. Finally, Argus reissued a "hold" rating on shares of Novo Nordisk A/S in a research note on Monday, December 8th. Four equities research analysts have rated the stock with a Buy rating and nineteen have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $49.93.

Novo Nordisk A/S Trading Up 1.6%

NYSE NVO opened at $38.57 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.80 and a debt-to-equity ratio of 0.61. Novo Nordisk A/S has a 52 week low of $35.85 and a 52 week high of $82.57. The stock has a market capitalization of $172.22 billion, a PE ratio of 11.12 and a beta of 0.74. The firm has a 50 day moving average of $49.81 and a two-hundred day moving average of $51.61.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported $1.01 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.11. The company had revenue of $12.43 billion for the quarter, compared to the consensus estimate of $11.97 billion. Novo Nordisk A/S had a net margin of 33.03% and a return on equity of 68.91%. As a group, research analysts expect that Novo Nordisk A/S will post 3.84 EPS for the current fiscal year.

Novo Nordisk A/S Announces Dividend

The firm also recently announced a dividend, which will be paid on Wednesday, April 8th. Investors of record on Monday, March 30th will be issued a $1.2751 dividend. This represents a yield of 541.0%. The ex-dividend date of this dividend is Monday, March 30th. Novo Nordisk A/S's dividend payout ratio is 23.63%.

About Novo Nordisk A/S

Novo Nordisk A/S is a Danish multinational pharmaceutical company headquartered in Bagsværd, Denmark, best known for its leadership in diabetes care and metabolic health. The company traces its roots to early Danish insulin production in the 1920s and was established in its current form through a 1989 merger of predecessor companies. Novo Nordisk develops, manufactures and markets pharmaceutical products and devices that address chronic and serious diseases, with a strong emphasis on long-term treatment and patient support.

The company’s core product portfolio centers on diabetes therapies, including a range of insulins and modern incretin-based treatments.

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