Eldred Rock Partners LLC Buys 69,184 Shares of Novo Nordisk A/S $NVO

Key Points

• Eldred Rock Partners LLC increased its stake in Novo Nordisk A/S by 72%, acquiring an additional 69,184 shares, making it the fund's 13th largest position.
• Several hedge funds, including Toronto Dominion Bank and Voloridge Investment Management, significantly grew their holdings in Novo Nordisk during the 4th quarter.
• Novo Nordisk A/S' quarterly earnings beat expectations with an EPS of $0.97, and the company also declared a semi-annual dividend of $0.4119 per share.

Eldred Rock Partners LLC lifted its stake in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 72.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 165,219 shares of the company's stock after purchasing an additional 69,184 shares during the quarter. Novo Nordisk A/S accounts for about 3.5% of Eldred Rock Partners LLC's portfolio, making the stock its 13th largest position. Eldred Rock Partners LLC's holdings in Novo Nordisk A/S were worth $11,403,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NVO. Revolve Wealth Partners LLC grew its holdings in shares of Novo Nordisk A/S by 8.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 2,490 shares of the company's stock valued at $214,000 after purchasing an additional 200 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Novo Nordisk A/S by 494.1% during the 4th quarter. Toronto Dominion Bank now owns 88,295 shares of the company's stock valued at $7,595,000 after purchasing an additional 73,432 shares during the last quarter. Waverly Advisors LLC grew its holdings in Novo Nordisk A/S by 105.4% during the 4th quarter. Waverly Advisors LLC now owns 13,929 shares of the company's stock worth $1,198,000 after acquiring an additional 7,147 shares during the last quarter. Voloridge Investment Management LLC grew its holdings in Novo Nordisk A/S by 134.9% during the 4th quarter. Voloridge Investment Management LLC now owns 1,452,172 shares of the company's stock worth $124,916,000 after acquiring an additional 833,966 shares during the last quarter. Finally, Vista Investment Management bought a new stake in Novo Nordisk A/S during the 4th quarter worth approximately $777,000. 11.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on NVO shares. Hsbc Global Res lowered shares of Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. UBS Group lowered shares of Novo Nordisk A/S from a "buy" rating to a "neutral" rating in a report on Tuesday, August 5th. TD Cowen reduced their target price on shares of Novo Nordisk A/S from $105.00 to $70.00 and set a "buy" rating on the stock in a report on Tuesday, August 19th. HSBC lowered shares of Novo Nordisk A/S from a "buy" rating to a "hold" rating and set a $57.00 target price on the stock. in a report on Thursday, July 31st. Finally, Sanford C. Bernstein raised shares of Novo Nordisk A/S from a "market perform" rating to an "outperform" rating in a report on Tuesday, September 9th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $81.00.

Novo Nordisk A/S Stock Up 2.8%

Novo Nordisk A/S stock opened at $57.19 on Wednesday. The company has a market capitalization of $255.35 billion, a PE ratio of 15.71, a PEG ratio of 2.11 and a beta of 0.66. The firm's fifty day moving average is $57.44 and its 200 day moving average is $65.86. 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 has a 12-month low of $45.05 and a 12-month high of $135.20.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last announced 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 during the quarter, compared to analyst estimates 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, sell-side analysts predict that Novo Nordisk A/S will post 3.84 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The firm also recently declared a semi-annual dividend, which was paid on Tuesday, August 26th. Shareholders of record on Monday, August 18th were paid a dividend of $0.4119 per share. This represents a yield of 240.0%. The ex-dividend date was Monday, August 18th. Novo Nordisk A/S's payout ratio is 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.

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