Exchange Traded Concepts LLC Boosts Stock Position in Novo Nordisk A/S (NYSE:NVO)

by · The Cerbat Gem

Exchange Traded Concepts LLC increased its stake in shares of Novo Nordisk A/S (NYSE:NVO – Free Report) by 40.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,962 shares of the company’s stock after purchasing an additional 18,370 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Novo Nordisk A/S were worth $7,616,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. acquired a new position in shares of Novo Nordisk A/S during the 2nd quarter valued at about $25,000. Gilliland Jeter Wealth Management LLC increased its stake in shares of Novo Nordisk A/S by 200.0% during the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock valued at $26,000 after acquiring an additional 120 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Novo Nordisk A/S during the 2nd quarter valued at about $25,000. First PREMIER Bank acquired a new position in shares of Novo Nordisk A/S during the 1st quarter valued at about $25,000. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of Novo Nordisk A/S during the 1st quarter valued at about $26,000. Hedge funds and other institutional investors own 11.54% of the company’s stock.

Novo Nordisk A/S Price Performance

NYSE:NVO opened at $120.04 on Monday. The business’s 50-day moving average price is $129.39 and its 200 day moving average price is $132.04. The firm has a market cap of $538.68 billion, a P/E ratio of 41.39, a PEG ratio of 1.53 and a beta of 0.42. Novo Nordisk A/S has a 52-week low of $92.94 and a 52-week high of $148.15. The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

Novo Nordisk A/S (NYSE:NVO – Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.06). Novo Nordisk A/S had a net margin of 34.86% and a return on equity of 87.43%. The company had revenue of $9.82 billion during the quarter, compared to analyst estimates of $9.91 billion. As a group, sell-side analysts predict that Novo Nordisk A/S will post 3.01 earnings per share for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 16th were given a dividend of $0.5126 per share. The ex-dividend date was Friday, August 16th. This represents a yield of 0.7%. Novo Nordisk A/S’s payout ratio is presently 24.83%.

Wall Street Analysts Forecast Growth

NVO has been the subject of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $160.00 target price on shares of Novo Nordisk A/S in a research report on Thursday. StockNews.com downgraded shares of Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 9th. Finally, BMO Capital Markets dropped their target price on shares of Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.17.

Get Our Latest Stock Analysis on Novo Nordisk A/S

About Novo Nordisk A/S

(Free Report)

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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