OVERSEA CHINESE BANKING Corp Ltd Sells 11,949 Shares of Novo Nordisk A/S $NVO

OVERSEA CHINESE BANKING Corp Ltd cut its stake in Novo Nordisk A/S (NYSE:NVO) by 40.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,531 shares of the company’s stock after selling 11,949 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Novo Nordisk A/S were worth $1,192,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Kingstone Capital Partners Texas LLC increased its holdings in shares of Novo Nordisk A/S by 301,443.6% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 10,005,216 shares of the company’s stock valued at $690,560,000 after acquiring an additional 10,001,898 shares during the period. Folketrygdfondet increased its holdings in shares of Novo Nordisk A/S by 6.9% in the 1st quarter. Folketrygdfondet now owns 9,521,912 shares of the company’s stock valued at $661,202,000 after acquiring an additional 617,974 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Novo Nordisk A/S by 11.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,692,554 shares of the company’s stock valued at $395,291,000 after acquiring an additional 576,900 shares during the period. Sustainable Growth Advisers LP increased its holdings in shares of Novo Nordisk A/S by 3.8% in the 1st quarter. Sustainable Growth Advisers LP now owns 5,543,246 shares of the company’s stock valued at $384,923,000 after acquiring an additional 202,443 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Novo Nordisk A/S in the 1st quarter valued at $370,272,000. 11.54% of the stock is currently owned by hedge funds and other institutional investors.

Novo Nordisk A/S Stock Performance

Shares of NVO opened at $52.92 on Tuesday. The stock has a 50-day moving average of $56.55 and a two-hundred day moving average of $62.29. Novo Nordisk A/S has a one year low of $45.05 and a one year high of $113.76. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.56 and a current ratio of 0.78. The stock has a market cap of $236.27 billion, a P/E ratio of 14.54, a P/E/G ratio of 2.41 and a beta of 0.68.

Novo Nordisk A/S (NYSE:NVO) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. Novo Nordisk A/S had a return on equity of 78.64% and a net margin of 35.60%.The company had revenue of $11.69 billion during the quarter, compared to analysts’ expectations of $77.51 billion. As a group, research analysts predict that Novo Nordisk A/S will post 3.84 EPS for the current year.

Novo Nordisk A/S Cuts Dividend

The company also recently declared a semi-annual dividend, which was paid on Tuesday, August 26th. Shareholders of record on Monday, August 18th were given a dividend of $0.4119 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a yield of 240.0%. Novo Nordisk A/S’s payout ratio is currently 22.53%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NVO. BNP Paribas Exane upgraded Novo Nordisk A/S from an “underperform” rating to a “neutral” rating and set a $54.00 price target on the stock in a report on Wednesday, August 13th. Dbs Bank upgraded Novo Nordisk A/S from a “strong sell” rating to a “hold” rating in a report on Friday, August 22nd. Morgan Stanley cut Novo Nordisk A/S from an “overweight” rating to an “underweight” rating and lowered their price objective for the stock from $59.00 to $47.00 in a research report on Monday, September 29th. Jefferies Financial Group started coverage on Novo Nordisk A/S in a research report on Monday. They issued an “underperform” rating for the company. Finally, UBS Group cut Novo Nordisk A/S from a “buy” rating to a “neutral” rating in a research report on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $76.00.

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.