Patriot Financial Group Insurance Agency LLC Sells 1,936 Shares of Novo Nordisk A/S (NYSE:NVO)

Patriot Financial Group Insurance Agency LLC reduced its stake in Novo Nordisk A/S (NYSE:NVO) by 13.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,468 shares of the company’s stock after selling 1,936 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Novo Nordisk A/S were worth $1,485,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Independence Bank of Kentucky grew its position in shares of Novo Nordisk A/S by 192.7% during the third quarter. Independence Bank of Kentucky now owns 11,490 shares of the company’s stock worth $1,368,000 after purchasing an additional 7,565 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Novo Nordisk A/S by 453.3% during the first quarter. Cetera Investment Advisers now owns 265,538 shares of the company’s stock valued at $34,095,000 after buying an additional 217,545 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of Novo Nordisk A/S in the second quarter worth $1,624,000. Azzad Asset Management Inc. ADV boosted its position in shares of Novo Nordisk A/S by 55.9% during the third quarter. Azzad Asset Management Inc. ADV now owns 41,107 shares of the company’s stock worth $4,895,000 after acquiring an additional 14,731 shares during the last quarter. Finally, Arlington Partners LLC grew its stake in Novo Nordisk A/S by 25.3% during the third quarter. Arlington Partners LLC now owns 29,412 shares of the company’s stock valued at $3,502,000 after acquiring an additional 5,935 shares in the last quarter. Hedge funds and other institutional investors own 11.54% of the company’s stock.

Novo Nordisk A/S Stock Performance

Shares of NVO stock traded down $1.61 on Monday, hitting $111.77. The company had a trading volume of 2,406,750 shares, compared to its average volume of 4,277,276. The company has a 50-day moving average price of $126.61 and a 200-day moving average price of $131.37. The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm has a market cap of $501.57 billion, a P/E ratio of 38.68, a price-to-earnings-growth ratio of 1.52 and a beta of 0.42. Novo Nordisk A/S has a twelve month low of $94.73 and a twelve month high of $148.15.

Novo Nordisk A/S (NYSE:NVO) last released its quarterly earnings results 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). 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%. As a group, equities research analysts predict that Novo Nordisk A/S will post 3.01 earnings per share for the current fiscal year.

Novo Nordisk A/S Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Monday, August 26th. Shareholders 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 yield of 0.7%. Novo Nordisk A/S’s dividend payout ratio is currently 24.83%.

Wall Street Analyst Weigh In

Several brokerages have commented on NVO. BMO Capital Markets decreased their price target on shares of Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. StockNews.com cut Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $160.00 price objective on shares of Novo Nordisk A/S in a report on Thursday, October 10th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Novo Nordisk A/S has a consensus rating of “Moderate Buy” and a consensus target price of $144.50.

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.