Novo Nordisk A/S (NYSE:NVO) Stock Price Down 1.3%

Novo Nordisk A/S (NYSE:NVO)’s stock price traded down 1.3% during trading on Wednesday . The stock traded as low as $133.63 and last traded at $134.04. 989,820 shares changed hands during trading, a decline of 78% from the average session volume of 4,444,236 shares. The stock had previously closed at $135.81.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on NVO shares. 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 target price for the company. StockNews.com downgraded shares of Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a report on Monday. Argus boosted their price objective on shares of Novo Nordisk A/S from $125.00 to $160.00 and gave the company a “buy” rating in a report on Monday, June 10th. BMO Capital Markets cut their target price on shares of Novo Nordisk A/S from $170.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $160.00 target price on shares of Novo Nordisk A/S in a research note on Monday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $145.17.

Novo Nordisk A/S Price Performance

The firm has a 50 day moving average price of $136.22 and a 200 day moving average price of $131.47. The stock has a market cap of $614.70 billion, a P/E ratio of 47.23, a P/E/G ratio of 1.33 and a beta of 0.41. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.17.

Novo Nordisk A/S Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, August 26th. Stockholders of record on Friday, August 16th will be given a dividend of $0.5126 per share. The ex-dividend date is Friday, August 16th. This represents a dividend yield of 0.7%. Novo Nordisk A/S’s payout ratio is 24.83%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Folketrygdfondet raised its holdings in Novo Nordisk A/S by 1.4% during the 1st quarter. Folketrygdfondet now owns 8,756,034 shares of the company’s stock valued at $1,124,275,000 after buying an additional 124,770 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Novo Nordisk A/S by 10.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,589,222 shares of the company’s stock worth $1,102,857,000 after acquiring an additional 823,036 shares in the last quarter. Capital International Investors raised its stake in shares of Novo Nordisk A/S by 22.3% during the fourth quarter. Capital International Investors now owns 7,114,931 shares of the company’s stock valued at $736,121,000 after acquiring an additional 1,297,536 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Novo Nordisk A/S by 1.4% in the second quarter. Envestnet Asset Management Inc. now owns 4,254,180 shares of the company’s stock valued at $607,242,000 after purchasing an additional 58,935 shares during the period. Finally, GQG Partners LLC increased its holdings in Novo Nordisk A/S by 654.6% during the 1st quarter. GQG Partners LLC now owns 3,633,064 shares of the company’s stock worth $466,485,000 after purchasing an additional 3,151,584 shares during the period. 11.54% of the stock is owned by hedge funds and other institutional investors.

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.