Foresight Global Investors Inc. Sells 47,148 Shares of Novo Nordisk A/S (NYSE:NVO)

Foresight Global Investors Inc. trimmed its stake in Novo Nordisk A/S (NYSE:NVO) by 31.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 101,702 shares of the company’s stock after selling 47,148 shares during the quarter. Novo Nordisk A/S makes up about 7.0% of Foresight Global Investors Inc.’s investment portfolio, making the stock its 7th largest holding. Foresight Global Investors Inc.’s holdings in Novo Nordisk A/S were worth $14,517,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. First PREMIER Bank bought a new stake in Novo Nordisk A/S in the 1st quarter valued at about $25,000. 1620 Investment Advisors Inc. bought a new stake in shares of Novo Nordisk A/S during the second quarter valued at approximately $25,000. Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of Novo Nordisk A/S during the first quarter worth approximately $26,000. Orion Capital Management LLC bought a new position in Novo Nordisk A/S in the 1st quarter worth approximately $26,000. Finally, Gilliland Jeter Wealth Management LLC increased its position in 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 acquiring an additional 120 shares during the period. Institutional investors and hedge funds own 11.54% of the company’s stock.

Novo Nordisk A/S Price Performance

NYSE NVO opened at $136.90 on Tuesday. Novo Nordisk A/S has a 1 year low of $86.96 and a 1 year high of $148.15. The business’s fifty day moving average is $133.90 and its two-hundred day moving average is $133.14. The stock has a market capitalization of $614.34 billion, a P/E ratio of 47.21, a P/E/G ratio of 1.48 and a beta of 0.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.94.

Novo Nordisk A/S (NYSE:NVO) last announced its 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). The company had revenue of $9.82 billion for the quarter, compared to analyst estimates of $9.91 billion. Novo Nordisk A/S had a return on equity of 87.43% and a net margin of 34.86%. On average, research analysts forecast that Novo Nordisk A/S will post 3.11 earnings per share for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The company also recently declared a semi-annual dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 16th were given a $0.5126 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a dividend yield of 0.7%. Novo Nordisk A/S’s dividend payout ratio (DPR) is presently 24.83%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NVO shares. StockNews.com cut Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 19th. BMO Capital Markets lowered their target price on shares of Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. 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 research note on Monday, June 10th. The Goldman Sachs Group assumed coverage on shares of Novo Nordisk A/S in a research note on Thursday, May 30th. They set a “buy” rating and a $156.00 price objective on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $160.00 target price on shares of Novo Nordisk A/S in a research report on Monday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $145.17.

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.