Wealth Enhancement Advisory Services LLC Acquires 37,346 Shares of Novo Nordisk A/S (NYSE:NVO)

Wealth Enhancement Advisory Services LLC increased its holdings in shares of Novo Nordisk A/S (NYSE:NVO) by 14.8% during the third quarter, HoldingsChannel.com reports. The fund owned 289,438 shares of the company’s stock after buying an additional 37,346 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Novo Nordisk A/S were worth $34,463,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Novo Nordisk A/S in the 1st quarter valued at about $849,000. Founders Financial Securities LLC purchased a new stake in Novo Nordisk A/S during the 1st quarter valued at $217,000. SteelPeak Wealth LLC boosted its stake in Novo Nordisk A/S by 16.3% during the 1st quarter. SteelPeak Wealth LLC now owns 4,916 shares of the company’s stock valued at $636,000 after purchasing an additional 690 shares during the last quarter. Miracle Mile Advisors LLC boosted its stake in Novo Nordisk A/S by 14.9% during the 1st quarter. Miracle Mile Advisors LLC now owns 5,001 shares of the company’s stock valued at $642,000 after purchasing an additional 649 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Novo Nordisk A/S by 12.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 313,291 shares of the company’s stock valued at $40,227,000 after buying an additional 33,463 shares during the period. 11.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NVO has been the topic of a number of recent research reports. StockNews.com cut Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 9th. Cantor Fitzgerald restated an “overweight” rating and set a $160.00 price objective on shares of Novo Nordisk A/S in a research report on Thursday, October 10th. Finally, BMO Capital Markets reduced their price objective on Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.50.

Novo Nordisk A/S Price Performance

Novo Nordisk A/S stock opened at $113.38 on Monday. Novo Nordisk A/S has a 12-month low of $92.94 and a 12-month high of $148.15. The stock has a market cap of $508.80 billion, a P/E ratio of 39.10, a price-to-earnings-growth ratio of 1.52 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. The company has a fifty day simple moving average of $126.61 and a 200-day simple moving average of $131.37.

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 firm had revenue of $9.82 billion for the quarter, compared to analyst estimates of $9.91 billion. Equities analysts expect that Novo Nordisk A/S will post 3.01 EPS for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

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