Novo Nordisk A/S (NYSE:NVO) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc cut its stake in Novo Nordisk A/S (NYSE:NVO) by 4.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,064 shares of the company’s stock after selling 3,029 shares during the period. CIBC Asset Management Inc’s holdings in Novo Nordisk A/S were worth $9,573,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in NVO. First PREMIER Bank bought a new stake in Novo Nordisk A/S during the first quarter valued at $25,000. 1620 Investment Advisors Inc. bought a new stake in Novo Nordisk A/S during the second quarter valued at $25,000. Dixon Mitchell Investment Counsel Inc. bought a new stake in Novo Nordisk A/S during the first quarter valued at $26,000. Orion Capital Management LLC bought a new stake in Novo Nordisk A/S during the first quarter valued at $26,000. Finally, Gilliland Jeter Wealth Management LLC grew its position in shares of Novo Nordisk A/S by 200.0% during the second quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock worth $26,000 after acquiring an additional 120 shares during the last quarter. 11.54% of the stock is owned by institutional investors and hedge funds.

Novo Nordisk A/S Stock Performance

Shares of NVO opened at $136.29 on Wednesday. The firm has a 50-day moving average price of $135.48 and a 200 day moving average price of $132.42. The firm has a market capitalization of $611.61 billion, a PE ratio of 47.00, a P/E/G ratio of 1.52 and a beta of 0.41. 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 has a 52-week low of $86.96 and a 52-week high of $148.15.

Novo Nordisk A/S (NYSE:NVO) last issued 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 business had revenue of $9.82 billion during the quarter, compared to analyst estimates of $9.91 billion. On average, sell-side analysts anticipate that Novo Nordisk A/S will post 3.11 earnings per share for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

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

Analyst Upgrades and Downgrades

NVO has been the subject of several recent research reports. The Goldman Sachs Group initiated 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 price target for the company. Argus upped 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 research 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 report on Monday, August 19th. Cantor Fitzgerald restated 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 decreased 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 analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.