Park Avenue Securities LLC Buys New Stake in Novo Nordisk A/S $NVO

Key Points

• Park Avenue Securities LLC has acquired a new stake in Novo Nordisk A/S, purchasing 85,970 shares valued at approximately $5.93 million.
• Several hedge funds significantly increased their holdings in Novo Nordisk A/S, with Kingstone Capital Partners Texas LLC increasing its stake by 301,443.6%, now holding over 10 million shares.
• Novo Nordisk A/S reported a quarterly earnings surprise, achieving $0.97 earnings per share compared to the expected $0.93, along with a 35.60% net margin.

Park Avenue Securities LLC bought a new stake in Novo Nordisk A/S (NYSE:NVO - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 85,970 shares of the company's stock, valued at approximately $5,934,000.

Several other hedge funds also recently made changes to their positions in NVO. Kingstone Capital Partners Texas LLC grew its holdings in shares of Novo Nordisk A/S by 301,443.6% during the second quarter. Kingstone Capital Partners Texas LLC now owns 10,005,216 shares of the company's stock worth $690,560,000 after purchasing an additional 10,001,898 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Novo Nordisk A/S during the first quarter worth about $370,272,000. Amundi boosted its stake in shares of Novo Nordisk A/S by 49.1% during the first quarter. Amundi now owns 4,938,507 shares of the company's stock worth $331,576,000 after buying an additional 1,627,051 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Novo Nordisk A/S by 15,919.9% during the first quarter. Acadian Asset Management LLC now owns 1,044,658 shares of the company's stock worth $72,523,000 after buying an additional 1,038,137 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Novo Nordisk A/S by 118.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,594,544 shares of the company's stock worth $110,725,000 after buying an additional 864,579 shares during the period. Hedge funds and other institutional investors own 11.54% of the company's stock.

Analyst Upgrades and Downgrades

NVO has been the subject of several recent research reports. TD Cowen decreased their target price on shares of Novo Nordisk A/S from $105.00 to $70.00 and set a "buy" rating for the company in a research note on Tuesday, August 19th. Rothschild & Co Redburn upgraded shares of Novo Nordisk A/S from a "neutral" rating to a "buy" rating in a research note on Tuesday, September 16th. HSBC downgraded shares of Novo Nordisk A/S from a "buy" rating to a "hold" rating and set a $57.00 target price for the company. in a research note on Thursday, July 31st. BNP Paribas Exane upgraded shares of Novo Nordisk A/S from an "underperform" rating to a "neutral" rating and set a $54.00 target price for the company in a research note on Wednesday, August 13th. Finally, Dbs Bank upgraded shares of Novo Nordisk A/S from a "strong sell" rating to a "hold" rating in a research report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Novo Nordisk A/S has a consensus rating of "Hold" and a consensus target price of $81.00.

Novo Nordisk A/S Trading Down 1.1%

Shares of NVO opened at $60.70 on Tuesday. 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 50 day simple moving average of $56.71 and a 200-day simple moving average of $64.92. Novo Nordisk A/S has a 1-year low of $45.05 and a 1-year high of $127.61. The stock has a market cap of $271.03 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 2.33 and a beta of 0.66.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last issued 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 net margin of 35.60% and a return on equity of 78.64%. The business had revenue of $11.69 billion during the quarter, compared to analysts' expectations of $77.51 billion. Equities analysts forecast 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 was paid on Tuesday, August 26th. Shareholders of record on Monday, August 18th were paid 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 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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