Thoroughbred Financial Services LLC Sells 23,857 Shares of Novo Nordisk A/S (NYSE:NVO)

Key Points

• Thoroughbred Financial Services LLC has decreased its stake in Novo Nordisk A/S by 55.2%, selling 23,857 shares, leaving them with 19,388 shares valued at approximately $1.35 million.
• Multiple hedge funds have made significant adjustments to their positions in Novo Nordisk, with Bank of Montreal Can increasing its stake by 53.7%, now owning about 1.72 million shares.
• Recent analyst ratings for Novo Nordisk have been largely negative, with Guggenheim and HSBC downgrading the stock to a hold rating, while BNP Paribas rated it as underperform.

Thoroughbred Financial Services LLC cut its stake in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 55.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,388 shares of the company's stock after selling 23,857 shares during the quarter. Thoroughbred Financial Services LLC's holdings in Novo Nordisk A/S were worth $1,346,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Bank of America Corp DE raised its stake in shares of Novo Nordisk A/S by 8.1% in the fourth quarter. Bank of America Corp DE now owns 15,492,384 shares of the company's stock worth $1,332,655,000 after purchasing an additional 1,165,955 shares during the last quarter. Folketrygdfondet grew its holdings in shares of Novo Nordisk A/S by 6.9% in the first 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 in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Novo Nordisk A/S by 1.5% in the fourth quarter. Renaissance Technologies LLC now owns 8,312,996 shares of the company's stock valued at $715,084,000 after acquiring an additional 123,681 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Novo Nordisk A/S by 73.2% in the fourth quarter. Nuveen Asset Management LLC now owns 6,244,931 shares of the company's stock valued at $537,189,000 after acquiring an additional 2,639,693 shares in the last quarter. Finally, Sustainable Growth Advisers LP grew its holdings in shares of Novo Nordisk A/S by 3.8% in the first 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 in the last quarter. 11.54% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on NVO. HSBC lowered Novo Nordisk A/S from a "buy" rating to a "hold" rating and set a $57.00 target price for the company. in a report on Thursday, July 31st. Barclays reaffirmed an "equal weight" rating on shares of Novo Nordisk A/S in a report on Wednesday, July 30th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $64.00 target price (down from $105.00) on shares of Novo Nordisk A/S 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. Finally, Guggenheim lowered Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $93.67.

Novo Nordisk A/S Price Performance

NVO traded up $2.30 during trading on Friday, reaching $51.06. The stock had a trading volume of 23,312,357 shares, compared to its average volume of 23,928,642. The stock has a market cap of $227.98 billion, a PE ratio of 14.03, a PEG ratio of 1.47 and a beta of 0.63. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.56 and a current ratio of 0.78. Novo Nordisk A/S has a one year low of $45.05 and a one year high of $139.74. The business has a 50-day moving average of $67.14 and a 200-day moving average of $71.60.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The business had revenue of $11.69 billion for the quarter, compared to analysts' expectations of $77.51 billion. Novo Nordisk A/S had a return on equity of 78.64% and a net margin of 35.60%. As a group, equities research analysts anticipate 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. Investors of record on Monday, August 18th will be paid a $0.4119 dividend. This represents a yield of 240.0%. The ex-dividend date of this dividend is Monday, August 18th. Novo Nordisk A/S's dividend payout ratio is currently 45.05%.

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.