Magellan Asset Management Ltd Decreases Position in Novo Nordisk A/S (NYSE:NVO)

Key Points

• Magellan Asset Management Ltd has reduced its stake in Novo Nordisk A/S by 7.3%, now owning approximately 2.6 million shares, making the company its 21st largest holding.
• Novo Nordisk A/S reported an earnings per share (EPS) of $0.97 for the most recent quarter, exceeding analysts' expectations of $0.93.
• The company has a market cap of $227.98 billion and is currently rated as a "Hold" by analysts, with an average target price of $93.67.

Magellan Asset Management Ltd lowered its position in Novo Nordisk A/S (NYSE:NVO - Free Report) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,606,216 shares of the company's stock after selling 206,565 shares during the quarter. Novo Nordisk A/S makes up approximately 2.2% of Magellan Asset Management Ltd's portfolio, making the stock its 21st biggest position. Magellan Asset Management Ltd owned approximately 0.06% of Novo Nordisk A/S worth $180,976,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL increased its holdings in shares of Novo Nordisk A/S by 2,727.3% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 311 shares of the company's stock valued at $27,000 after purchasing an additional 300 shares during the period. Copeland Capital Management LLC increased its holdings in shares of Novo Nordisk A/S by 184.8% in the first quarter. Copeland Capital Management LLC now owns 393 shares of the company's stock valued at $27,000 after purchasing an additional 255 shares during the period. North Capital Inc. acquired a new position in shares of Novo Nordisk A/S in the first quarter valued at approximately $27,000. Park Square Financial Group LLC acquired a new position in shares of Novo Nordisk A/S in the fourth quarter valued at approximately $29,000. Finally, Transce3nd LLC acquired a new position in shares of Novo Nordisk A/S in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 11.54% of the company's stock.

Novo Nordisk A/S Price Performance

NVO stock traded up $2.30 on Friday, reaching $51.06. 23,312,357 shares of the company's stock were exchanged, compared to its average volume of 24,770,900. The stock has a fifty day moving average of $67.14 and a 200-day moving average of $71.47. Novo Nordisk A/S has a twelve month low of $45.05 and a twelve month high of $139.74. The firm has a market cap of $227.98 billion, a PE ratio of 14.03, a P/E/G ratio of 1.75 and a beta of 0.63. 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 (NYSE:NVO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.97 earnings per share 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 analyst estimates of $77.51 billion. As a group, equities analysts predict that Novo Nordisk A/S will post 3.84 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

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

Analyst Upgrades and Downgrades

NVO has been the topic of a number of recent research reports. Dbs Bank lowered Novo Nordisk A/S to a "sell" rating in a report on Friday, April 25th. Guggenheim lowered Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. UBS Group lowered Novo Nordisk A/S from a "buy" rating to a "neutral" rating in a report on Tuesday, August 5th. Wall Street Zen lowered Novo Nordisk A/S from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Barclays reissued an "equal weight" rating on shares of Novo Nordisk A/S in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Novo Nordisk A/S presently has a consensus rating of "Hold" and a consensus target price of $93.67.

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.