Park Avenue Securities LLC Sells 15,217 Shares of Novo Nordisk A/S (NYSE:NVO)

Park Avenue Securities LLC reduced its stake in shares of Novo Nordisk A/S (NYSE:NVO) by 13.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 95,554 shares of the company’s stock after selling 15,217 shares during the period. Park Avenue Securities LLC’s holdings in Novo Nordisk A/S were worth $11,378,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First PREMIER Bank bought a new position in shares of Novo Nordisk A/S during the 1st quarter valued at approximately $25,000. 1620 Investment Advisors Inc. bought a new position in Novo Nordisk A/S during the second quarter valued at $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Novo Nordisk A/S in the second quarter valued at $25,000. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Novo Nordisk A/S in the 1st quarter worth about $26,000. Finally, Orion Capital Management LLC bought a new position in Novo Nordisk A/S during the 1st quarter valued at about $26,000. 11.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NVO has been the subject of several analyst reports. BMO Capital Markets decreased their price objective on shares of 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $160.00 price objective on shares of Novo Nordisk A/S in a research report on Monday, September 16th. StockNews.com upgraded Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, 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 report on Monday, June 10th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $145.17.

Novo Nordisk A/S Price Performance

NVO opened at $115.11 on Friday. The company has a market capitalization of $516.56 billion, a price-to-earnings ratio of 39.69, a PEG ratio of 1.35 and a beta of 0.42. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. Novo Nordisk A/S has a 12-month low of $87.02 and a 12-month high of $148.15. The business’s fifty day simple moving average is $130.83 and its 200-day simple moving average is $132.54.

Novo Nordisk A/S (NYSE:NVO) last posted its earnings results on Wednesday, August 7th. The company reported $0.65 EPS 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 for the quarter, compared to analysts’ expectations of $9.91 billion. On average, equities research 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 business also recently announced 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 of this dividend was Friday, August 16th. This represents a yield of 0.7%. Novo Nordisk A/S’s dividend payout ratio (DPR) is presently 24.83%.

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.