Bristlecone Advisors LLC Cuts Stake in Novo Nordisk A/S $NVO

Bristlecone Advisors LLC cut its stake in Novo Nordisk A/S (NYSE:NVO) by 38.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,260 shares of the company’s stock after selling 9,609 shares during the quarter. Bristlecone Advisors LLC’s holdings in Novo Nordisk A/S were worth $1,053,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Motco raised its position in Novo Nordisk A/S by 10.4% in the second quarter. Motco now owns 10,665 shares of the company’s stock valued at $736,000 after purchasing an additional 1,005 shares during the period. Jennison Associates LLC raised its position in Novo Nordisk A/S by 0.3% in the second quarter. Jennison Associates LLC now owns 18,885,343 shares of the company’s stock valued at $1,303,466,000 after purchasing an additional 63,341 shares during the period. Markel Group Inc. raised its position in Novo Nordisk A/S by 5.1% in the second quarter. Markel Group Inc. now owns 2,258,588 shares of the company’s stock valued at $155,888,000 after purchasing an additional 108,588 shares during the period. Tevis Investment Management raised its position in Novo Nordisk A/S by 164.6% in the second quarter. Tevis Investment Management now owns 39,862 shares of the company’s stock valued at $2,751,000 after purchasing an additional 24,799 shares during the period. Finally, Banco Santander S.A. raised its position in Novo Nordisk A/S by 15.4% in the second quarter. Banco Santander S.A. now owns 148,154 shares of the company’s stock valued at $10,226,000 after purchasing an additional 19,763 shares during the period. 11.54% of the stock is owned by hedge funds and other institutional investors.

Novo Nordisk A/S Trading Down 1.3%

Shares of NYSE NVO opened at $51.36 on Thursday. The stock’s 50 day moving average price is $56.43 and its two-hundred day moving average price is $62.14. Novo Nordisk A/S has a 52-week low of $45.05 and a 52-week high of $113.76. The stock has a market capitalization of $229.30 billion, a P/E ratio of 14.11, a PEG ratio of 2.37 and a beta of 0.68. 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) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $77.51 billion. On average, analysts anticipate 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. This represents a dividend yield of 240.0%. The ex-dividend date was Monday, August 18th. Novo Nordisk A/S’s dividend payout ratio is presently 22.53%.

Analyst Ratings Changes

Several research firms recently commented on NVO. Barclays reiterated an “equal weight” rating on shares of Novo Nordisk A/S in a research note on Wednesday, July 30th. Sanford C. Bernstein raised Novo Nordisk A/S from a “market perform” rating to an “outperform” rating in a report on Tuesday, September 9th. BMO Capital Markets reissued a “market perform” rating and issued a $55.00 price target (up previously from $50.00) on shares of Novo Nordisk A/S in a report on Tuesday, October 14th. BNP Paribas Exane raised Novo Nordisk A/S from an “underperform” rating to a “neutral” rating and set a $54.00 price target for the company in a report on Wednesday, August 13th. Finally, Hsbc Global Res raised Novo Nordisk A/S from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Novo Nordisk A/S has an average rating of “Hold” and an average price target of $76.00.

Novo Nordisk A/S 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.