Penobscot Investment Management Company Inc. Trims Stock Holdings in Novo Nordisk A/S $NVO

Key Points

• Penobscot Investment Management Company Inc. reduced its holdings in Novo Nordisk A/S by 19.4% in the second quarter, ending with 26,863 shares valued at approximately $1.85 million.
• Institutions like Kingstone Capital Partners and Folketrygdfondet significantly increased their stakes in Novo Nordisk in the same quarter, indicating strong institutional interest in the company.
• Novo Nordisk recently reported earnings of $0.97 per share, surpassing analysts' expectations, while also declaring a semi-annual dividend of $0.4119 per share.

Penobscot Investment Management Company Inc. cut its holdings in Novo Nordisk A/S (NYSE:NVO - Free Report) by 19.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 26,863 shares of the company's stock after selling 6,459 shares during the period. Penobscot Investment Management Company Inc.'s holdings in Novo Nordisk A/S were worth $1,854,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Kingstone Capital Partners Texas LLC raised its holdings in Novo Nordisk A/S by 301,443.6% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 10,005,216 shares of the company's stock valued at $690,560,000 after acquiring an additional 10,001,898 shares during the last quarter. Folketrygdfondet raised its holdings in Novo Nordisk A/S by 6.9% in the 1st quarter. Folketrygdfondet now owns 9,521,912 shares of the company's stock valued at $661,202,000 after acquiring an additional 617,974 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Novo Nordisk A/S by 11.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,692,554 shares of the company's stock valued at $395,291,000 after acquiring an additional 576,900 shares during the last quarter. Sustainable Growth Advisers LP raised its holdings in Novo Nordisk A/S by 3.8% in the 1st quarter. Sustainable Growth Advisers LP now owns 5,543,246 shares of the company's stock valued at $384,923,000 after acquiring an additional 202,443 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Novo Nordisk A/S in the 1st quarter valued at $370,272,000. 11.54% of the stock is currently owned by institutional investors and hedge funds.

Novo Nordisk A/S Stock Performance

NYSE:NVO opened at $59.68 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 50-day moving average of $54.92 and a two-hundred day moving average of $63.84. The stock has a market cap of $266.45 billion, a P/E ratio of 16.39, a PEG ratio of 2.25 and a beta of 0.68. Novo Nordisk A/S has a 1-year low of $45.05 and a 1-year high of $120.56.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The company 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%. On average, research analysts expect 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 declared a semi-annual dividend, which was paid on Tuesday, August 26th. Stockholders of record on Monday, August 18th were given a dividend of $0.4119 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a dividend yield of 240.0%. Novo Nordisk A/S's dividend payout ratio (DPR) is presently 22.53%.

Analyst Ratings Changes

NVO has been the subject of a number of research analyst reports. Dbs Bank upgraded Novo Nordisk A/S from a "strong sell" rating to a "hold" rating in a report on Friday, August 22nd. HSBC set a $70.00 price objective on Novo Nordisk A/S in a report on Wednesday. Morgan Stanley downgraded Novo Nordisk A/S from an "overweight" rating to an "underweight" rating and dropped their price objective for the stock from $59.00 to $47.00 in a report on Monday. Rothschild Redb upgraded Novo Nordisk A/S from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 16th. Finally, Sanford C. Bernstein upgraded Novo Nordisk A/S from a "market perform" rating to an "outperform" rating in a report on Tuesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Novo Nordisk A/S has an average rating of "Moderate Buy" and a consensus price target of $77.50.

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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