Independent Advisor Alliance Sells 10,979 Shares of Novo Nordisk A/S (NYSE:NVO)

Key Points

• Independent Advisor Alliance reduced its stake in Novo Nordisk A/S by 15.1%, selling 10,979 shares during the first quarter, leaving them with a total of 61,663 shares worth $4,282,000.
• Multiple hedge funds adjusted their positions in Novo Nordisk, with North Star Investment Management increasing holdings by 18.2% and Bank of New York Mellon acquiring an additional 47,804 shares.
• Analysts have recently downgraded Novo Nordisk's ratings, with HSBC reducing its rating from "strong-buy" to "hold" and BMO Capital Markets lowering the target price from $105.00 to $64.00.

Independent Advisor Alliance reduced its position in Novo Nordisk A/S (NYSE:NVO - Free Report) by 15.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 61,663 shares of the company's stock after selling 10,979 shares during the period. Independent Advisor Alliance's holdings in Novo Nordisk A/S were worth $4,282,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. North Star Investment Management Corp. grew its holdings in Novo Nordisk A/S by 18.2% during the 1st quarter. North Star Investment Management Corp. now owns 20,742 shares of the company's stock valued at $1,440,000 after buying an additional 3,200 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Novo Nordisk A/S by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 839,802 shares of the company's stock worth $58,316,000 after purchasing an additional 47,804 shares in the last quarter. Stanley Laman Group Ltd. purchased a new position in shares of Novo Nordisk A/S during the first quarter worth about $390,000. Dover Advisors LLC purchased a new position in shares of Novo Nordisk A/S during the first quarter worth about $505,000. Finally, GAMMA Investing LLC grew its holdings 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 worth $657,000 after purchasing an additional 827 shares in the last quarter. Hedge funds and other institutional investors own 11.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Hsbc Global Res downgraded Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 31st. Barclays reiterated an "equal weight" rating on shares of Novo Nordisk A/S in a research report on Wednesday, July 30th. UBS Group downgraded Novo Nordisk A/S from a "buy" rating to a "neutral" rating in a report on Tuesday, August 5th. Guggenheim downgraded Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. Finally, BMO Capital Markets restated a "market perform" rating and set a $64.00 target price (down previously from $105.00) on shares of Novo Nordisk A/S in a report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $93.67.

Novo Nordisk A/S Price Performance

NVO opened at $49.88 on Tuesday. The stock has a fifty day simple moving average of $66.68 and a two-hundred day simple moving average of $71.20. The company has a current ratio of 0.78, a quick ratio of 0.56 and a debt-to-equity ratio of 0.52. The company has a market cap of $222.73 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 1.75 and a beta of 0.63. Novo Nordisk A/S has a 12-month low of $45.05 and a 12-month high of $139.74.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last released its 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 return on equity of 78.64% and a net margin of 35.60%. The firm had revenue of $11.69 billion for the quarter, compared to analysts' expectations of $77.51 billion. Research analysts predict that Novo Nordisk A/S will post 3.84 earnings per share for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Monday, August 18th will be paid a $0.4119 dividend. This represents a dividend yield of 240.0%. The ex-dividend date of this dividend is Monday, August 18th. Novo Nordisk A/S's dividend payout ratio is currently 45.05%.

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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