Novo Nordisk A/S $NVO Shares Sold by Meritage Portfolio Management

Key Points

• Meritage Portfolio Management has reduced its stake in Novo Nordisk A/S by 21.2%, holding 152,650 shares valued at approximately $10.5 million after selling 41,042 shares in Q2.
• Several analysts recently adjusted their ratings and price targets for Novo Nordisk A/S, with HSBC setting a target of $70.00 and options ranging up to a consensus average of $77.50 per share.
• The company reported $0.97 EPS for the latest quarter, exceeding expectations, with a revenue of $11.69 billion compared to analysts' forecasts.

Meritage Portfolio Management cut its stake in Novo Nordisk A/S (NYSE:NVO - Free Report) by 21.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 152,650 shares of the company's stock after selling 41,042 shares during the period. Meritage Portfolio Management's holdings in Novo Nordisk A/S were worth $10,536,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of NVO. Copeland Capital Management LLC lifted its stake in Novo Nordisk A/S by 184.8% during the 1st quarter. Copeland Capital Management LLC now owns 393 shares of the company's stock valued at $27,000 after acquiring an additional 255 shares during the period. North Capital Inc. acquired a new stake in Novo Nordisk A/S during the 1st quarter valued at approximately $27,000. Stone House Investment Management LLC acquired a new stake in Novo Nordisk A/S during the 1st quarter valued at approximately $30,000. Disciplina Capital Management LLC lifted its stake in Novo Nordisk A/S by 162.3% during the 1st quarter. Disciplina Capital Management LLC now owns 480 shares of the company's stock valued at $33,000 after acquiring an additional 297 shares during the period. Finally, Spirit of America Management Corp NY acquired a new stake in Novo Nordisk A/S during the 1st quarter valued at approximately $35,000. 11.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. HSBC set a $70.00 price objective on shares of Novo Nordisk A/S in a research note on Wednesday, October 1st. Berenberg Bank upgraded shares of Novo Nordisk A/S from a "hold" rating to a "buy" rating in a research note on Wednesday, September 17th. Sanford C. Bernstein upgraded shares of Novo Nordisk A/S from a "market perform" rating to an "outperform" rating in a research note on Tuesday, September 9th. Morgan Stanley cut shares of Novo Nordisk A/S from an "overweight" rating to an "underweight" rating and decreased their target price for the company from $59.00 to $47.00 in a research note on Monday, September 29th. Finally, Hsbc Global Res upgraded shares of Novo Nordisk A/S from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 1st. Two 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $77.50.

Novo Nordisk A/S Stock Performance

NVO opened at $56.95 on Friday. 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 has a fifty day moving average price of $55.44 and a 200 day moving average price of $63.16. Novo Nordisk A/S has a 1 year low of $45.05 and a 1 year high of $120.56. The stock has a market cap of $254.27 billion, a P/E ratio of 15.64, a P/E/G ratio of 2.58 and a beta of 0.68.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $11.69 billion during 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%. Equities research analysts anticipate that Novo Nordisk A/S will post 3.84 earnings per share for the current year.

Novo Nordisk A/S Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Tuesday, August 26th. Investors of record on Monday, August 18th were issued a $0.4119 dividend. This represents a yield of 240.0%. The ex-dividend date of this dividend was Monday, August 18th. Novo Nordisk A/S's payout ratio is presently 22.53%.

Novo Nordisk A/S 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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