Ironwood Investment Management LLC Decreases Stock Position in Novo Nordisk A/S (NYSE:NVO)

Ironwood Investment Management LLC cut its holdings in shares of Novo Nordisk A/S (NYSE:NVO) by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,705 shares of the company’s stock after selling 125 shares during the quarter. Novo Nordisk A/S comprises 1.5% of Ironwood Investment Management LLC’s investment portfolio, making the stock its 12th biggest position. Ironwood Investment Management LLC’s holdings in Novo Nordisk A/S were worth $2,813,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. First PREMIER Bank acquired a new position in Novo Nordisk A/S in the 1st quarter valued at about $25,000. 1620 Investment Advisors Inc. purchased a new position in Novo Nordisk A/S in the second quarter worth approximately $25,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Novo Nordisk A/S during the first quarter worth $26,000. Orion Capital Management LLC purchased a new stake in Novo Nordisk A/S in the first quarter valued at $26,000. Finally, Gilliland Jeter Wealth Management LLC lifted its stake in shares of Novo Nordisk A/S by 200.0% in the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock valued at $26,000 after purchasing an additional 120 shares during the last quarter. 11.54% of the stock is currently owned by institutional investors and hedge funds.

Novo Nordisk A/S Price Performance

NVO stock opened at $120.76 on Monday. 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 market capitalization of $541.91 billion, a P/E ratio of 41.64, a PEG ratio of 1.35 and a beta of 0.42. The business has a 50 day simple moving average of $131.97 and a 200-day simple moving average of $132.98. Novo Nordisk A/S has a twelve month low of $86.96 and a twelve month 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 return on equity of 87.43% and a net margin of 34.86%. The business had revenue of $9.82 billion for the quarter, compared to analyst estimates of $9.91 billion. As a group, equities analysts anticipate that Novo Nordisk A/S will post 3.11 EPS for the current year.

Novo Nordisk A/S Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Monday, August 26th. Stockholders 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 of this dividend was Friday, August 16th. Novo Nordisk A/S’s dividend payout ratio (DPR) is 24.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NVO shares. StockNews.com upgraded shares of Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 18th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $160.00 price objective on shares of Novo Nordisk A/S in a research note on Monday, September 16th. Argus boosted their target price on Novo Nordisk A/S from $125.00 to $160.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Finally, BMO Capital Markets reduced their price target on Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Novo Nordisk A/S presently has an average rating of “Buy” and an average target price of $145.17.

Novo Nordisk A/S Company Profile

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.