Novo Nordisk A/S $NVO Stock Position Cut by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA cut its Novo Nordisk stake by 61.5% in the third quarter, selling 52,051 shares and retaining 32,619 shares valued at approximately $1.24 million.
• Analyst sentiment remains cautious: Novo Nordisk has a consensus “Hold” rating, with 16 Holds, five Buys, and five Sells; CFRA recently downgraded the stock to Sell with a $38 price target.
• NVO shares opened at $38.78, well below their 12-month high of $64.16. The company reported quarterly revenue of $11.98 billion and earnings of $0.94 per share, while its dividend fell to $0.5786 from $1.2751.

Banque Pictet & Cie SA lessened its stake in Novo Nordisk A/S (NYSE:NVO - Free Report) by 61.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,619 shares of the company's stock after selling 52,051 shares during the period. Banque Pictet & Cie SA's holdings in Novo Nordisk A/S were worth $1,237,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in NVO. Arrowstreet Capital Limited Partnership bought a new position in shares of Novo Nordisk A/S during the 1st quarter valued at $287,660,000. State Street Corp boosted its stake in shares of Novo Nordisk A/S by 0.6% in the 2nd quarter. State Street Corp now owns 5,869,834 shares of the company's stock worth $284,565,000 after buying an additional 32,641 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Novo Nordisk A/S by 3.2% in the first quarter. Royal Bank of Canada now owns 4,527,779 shares of the company's stock worth $166,396,000 after acquiring an additional 141,376 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Novo Nordisk A/S by 1.8% in the second quarter. Envestnet Asset Management Inc. now owns 4,031,114 shares of the company's stock worth $193,250,000 after acquiring an additional 71,684 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of Novo Nordisk A/S by 6.7% in the first quarter. Renaissance Technologies LLC now owns 3,397,121 shares of the company's stock worth $124,844,000 after acquiring an additional 213,443 shares during the period. 11.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NVO. Cfra cut Novo Nordisk A/S from a "hold" rating to a "sell" rating and set a $38.00 price objective for the company. in a research report on Tuesday, September 22nd. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Novo Nordisk A/S in a report on Monday, September 21st. Citigroup reissued a "neutral" rating on shares of Novo Nordisk A/S in a research report on Friday, October 9th. DZ Bank restated a "neutral" rating on shares of Novo Nordisk A/S in a research note on Thursday, August 6th. Finally, Berenberg Bank restated a "neutral" rating on shares of Novo Nordisk A/S in a research note on Monday, September 21st. Five equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, Novo Nordisk A/S presently has a consensus rating of "Hold" and an average price target of $59.44.

Novo Nordisk A/S Stock Down 1.1%

Shares of NVO stock opened at $38.78 on Friday. Novo Nordisk A/S has a 12 month low of $35.12 and a 12 month high of $64.16. The stock has a market cap of $173.13 billion, a P/E ratio of 9.48, a P/E/G ratio of 1.32 and a beta of 0.76. The company has a current ratio of 0.87, a quick ratio of 0.66 and a debt-to-equity ratio of 0.55. The company has a 50 day simple moving average of $42.70 and a two-hundred day simple moving average of $43.90.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The company reported $0.94 earnings per share for the quarter. The business had revenue of $11.98 billion for the quarter. Novo Nordisk A/S had a net margin of 35.36% and a return on equity of 58.61%. On average, research analysts expect that Novo Nordisk A/S will post 3.42 earnings per share for the current year.

Novo Nordisk A/S Cuts Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, August 25th. Stockholders of record on Monday, August 17th were paid a $0.5786 dividend. This is a negative change from Novo Nordisk A/S's previous dividend of $1.2751. The ex-dividend date was Monday, August 17th. This represents a dividend yield of 258.0%. Novo Nordisk A/S's dividend payout ratio (DPR) is currently 20.05%.

Novo Nordisk A/S Profile

Novo Nordisk A/S is a Danish pharmaceutical company headquartered in Bagsværd, Denmark. The company focuses on developing and manufacturing medicines and delivery systems for chronic diseases, with a primary emphasis on diabetes and obesity care.

Novo Nordisk offers a broad portfolio of insulin products, as well as glucagon-like peptide-1 (GLP-1) medicines used in diabetes management and weight treatment. Its well-known products include Ozempic and Rybelsus for type 2 diabetes, Wegovy for chronic weight management, and several modern and human insulin products.

Want to see what other hedge funds are holding NVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novo Nordisk A/S (NYSE:NVO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.