Hourglass Capital LLC Reduces Position in Novo Nordisk A/S (NYSE:NVO)

Hourglass Capital LLC lowered its stake in Novo Nordisk A/S (NYSE:NVO) by 2.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 15,480 shares of the company’s stock after selling 360 shares during the period. Hourglass Capital LLC’s holdings in Novo Nordisk A/S were worth $2,210,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in NVO. First PREMIER Bank acquired a new position in shares of Novo Nordisk A/S in the 1st quarter valued at $25,000. 1620 Investment Advisors Inc. purchased a new stake in Novo Nordisk A/S during the 2nd quarter valued at about $25,000. Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of Novo Nordisk A/S in the first quarter valued at about $26,000. Orion Capital Management LLC purchased a new position in shares of Novo Nordisk A/S in the first quarter worth about $26,000. Finally, Gilliland Jeter Wealth Management LLC raised its stake in shares of Novo Nordisk A/S by 200.0% in the second quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock worth $26,000 after purchasing an additional 120 shares during the last quarter. 11.54% of the stock is currently owned by institutional investors and hedge funds.

Novo Nordisk A/S Trading Up 2.4 %

NVO stock opened at $134.05 on Friday. Novo Nordisk A/S has a 52-week low of $86.96 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. The firm has a market cap of $601.55 billion, a P/E ratio of 45.13, a PEG ratio of 1.52 and a beta of 0.42. The company’s 50-day simple moving average is $135.03 and its 200-day simple moving average is $132.42.

Novo Nordisk A/S (NYSE:NVO) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.06). Novo Nordisk A/S had a return on equity of 87.43% and a net margin of 34.86%. The business had revenue of $9.82 billion for the quarter, compared to analysts’ expectations of $9.91 billion. As a group, equities analysts forecast that Novo Nordisk A/S will post 3.11 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The business 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. This represents a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 16th. Novo Nordisk A/S’s dividend payout ratio is presently 24.83%.

Analysts Set New Price Targets

NVO has been the topic of several research reports. Argus increased their price target on shares of Novo Nordisk A/S from $125.00 to $160.00 and gave the stock a “buy” rating in a report on Monday, June 10th. StockNews.com lowered shares of Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 19th. The Goldman Sachs Group assumed coverage on shares of Novo Nordisk A/S in a research report on Thursday, May 30th. They set a “buy” rating and a $156.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $160.00 price target on shares of Novo Nordisk A/S in a research report on Monday, August 19th. Finally, BMO Capital Markets reduced their price objective on Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Novo Nordisk A/S presently has a consensus rating of “Moderate Buy” and an average price target of $145.17.

About Novo Nordisk A/S

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.