Miracle Mile Advisors LLC Lowers Holdings in Novo Nordisk A/S (NYSE:NVO)

Miracle Mile Advisors LLC reduced its stake in shares of Novo Nordisk A/S (NYSE:NVO) by 42.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,191 shares of the company’s stock after selling 2,329 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Novo Nordisk A/S were worth $380,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Advisor OS LLC raised its stake in Novo Nordisk A/S by 0.6% during the second quarter. Advisor OS LLC now owns 13,972 shares of the company’s stock worth $1,994,000 after purchasing an additional 82 shares during the period. Cascade Financial Partners LLC raised its position in shares of Novo Nordisk A/S by 2.3% during the 2nd quarter. Cascade Financial Partners LLC now owns 3,801 shares of the company’s stock valued at $543,000 after buying an additional 84 shares during the period. Cravens & Co Advisors LLC lifted its holdings in Novo Nordisk A/S by 1.0% in the first quarter. Cravens & Co Advisors LLC now owns 8,250 shares of the company’s stock valued at $1,059,000 after acquiring an additional 85 shares during the last quarter. AA Financial Advisors LLC grew its position in Novo Nordisk A/S by 3.2% in the second quarter. AA Financial Advisors LLC now owns 2,805 shares of the company’s stock worth $400,000 after acquiring an additional 86 shares during the period. Finally, Steel Grove Capital Advisors LLC increased its stake in Novo Nordisk A/S by 2.3% during the second quarter. Steel Grove Capital Advisors LLC now owns 3,790 shares of the company’s stock worth $541,000 after acquiring an additional 86 shares during the last quarter. 11.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NVO has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $160.00 price target on shares of Novo Nordisk A/S in a report on Monday, September 16th. 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 for the company in a research note on Thursday, August 8th. Finally, StockNews.com cut shares of Novo Nordisk A/S from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $145.17.

Novo Nordisk A/S Stock Performance

NYSE NVO opened at $117.20 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.75. The company has a market cap of $525.92 billion, a P/E ratio of 40.41, a P/E/G ratio of 1.35 and a beta of 0.42. The stock has a 50-day moving average of $130.39 and a two-hundred day moving average of $132.35. Novo Nordisk A/S has a 1-year low of $90.50 and a 1-year high of $148.15.

Novo Nordisk A/S (NYSE:NVO) last announced its quarterly earnings data 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). The business had revenue of $9.82 billion during the quarter, compared to analyst estimates of $9.91 billion. Novo Nordisk A/S had a net margin of 34.86% and a return on equity of 87.43%. As a group, analysts anticipate that Novo Nordisk A/S will post 3.11 EPS for the current year.

Novo Nordisk A/S Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 16th were paid a $0.5126 dividend. This represents a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 16th. Novo Nordisk A/S’s payout ratio is currently 24.83%.

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.