Pinnacle Associates Ltd. Has $3.93 Million Stock Holdings in Novo Nordisk A/S (NYSE:NVO)

Pinnacle Associates Ltd. cut its position in shares of Novo Nordisk A/S (NYSE:NVO) by 2.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,030 shares of the company’s stock after selling 692 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Novo Nordisk A/S were worth $3,933,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in NVO. 1620 Investment Advisors Inc. bought a new position in Novo Nordisk A/S during the second quarter worth about $25,000. Gilliland Jeter Wealth Management LLC lifted its stake in 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 purchasing an additional 120 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in Novo Nordisk A/S during the second quarter worth about $25,000. Orion Capital Management LLC bought a new position in Novo Nordisk A/S during the first quarter worth about $26,000. Finally, Halpern Financial Inc. lifted its stake in Novo Nordisk A/S by 113.0% during the second quarter. Halpern Financial Inc. now owns 213 shares of the company’s stock worth $30,000 after purchasing an additional 113 shares during the period. 11.54% of the stock is owned by institutional investors and hedge funds.

Novo Nordisk A/S Stock Performance

NVO stock opened at $111.96 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.75. The company has a 50 day moving average price of $124.75 and a 200 day moving average price of $130.93. Novo Nordisk A/S has a fifty-two week low of $94.73 and a fifty-two week high of $148.15. The stock has a market capitalization of $502.42 billion, a PE ratio of 38.34, a price-to-earnings-growth ratio of 1.48 and a beta of 0.42.

Novo Nordisk A/S (NYSE:NVO) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.65 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $9.82 billion during the quarter, compared to the consensus estimate of $9.91 billion. Analysts forecast that Novo Nordisk A/S will post 3.01 EPS for the current year.

Novo Nordisk A/S Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 16th were given a $0.5126 dividend. 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 (DPR) is presently 24.66%.

Wall Street Analysts Forecast Growth

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

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.