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

Posted by Defense World Staff on Mar 18th, 2023

Confluence Investment Management LLC lessened its stake in shares of Novo Nordisk A/S (NYSE:NVO – Get Rating) by 1.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,603 shares of the company’s stock after selling 168 shares during the quarter. Confluence Investment Management LLC’s holdings in Novo Nordisk A/S were worth $1,164,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Roundview Capital LLC increased its holdings in shares of Novo Nordisk A/S by 0.6% in the 1st quarter. Roundview Capital LLC now owns 18,803 shares of the company’s stock valued at $2,088,000 after acquiring an additional 106 shares during the period. BlackRock Inc. increased its holdings in shares of Novo Nordisk A/S by 45.4% in the 1st quarter. BlackRock Inc. now owns 5,035,879 shares of the company’s stock valued at $559,235,000 after acquiring an additional 1,571,747 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Novo Nordisk A/S by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 739,585 shares of the company’s stock valued at $82,131,000 after acquiring an additional 6,903 shares during the period. Blair William & Co. IL increased its holdings in shares of Novo Nordisk A/S by 12.7% in the 1st quarter. Blair William & Co. IL now owns 19,466 shares of the company’s stock valued at $2,136,000 after acquiring an additional 2,194 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of Novo Nordisk A/S by 17.5% in the 1st quarter. Sei Investments Co. now owns 107,175 shares of the company’s stock valued at $11,913,000 after acquiring an additional 15,996 shares during the period. Hedge funds and other institutional investors own 6.09% of the company’s stock.

Novo Nordisk A/S Stock Performance

NYSE:NVO opened at $139.44 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.89 and a debt-to-equity ratio of 0.29. Novo Nordisk A/S has a fifty-two week low of $95.02 and a fifty-two week high of $145.94. The stock has a market cap of $315.55 billion, a PE ratio of 40.18, a price-to-earnings-growth ratio of 1.51 and a beta of 0.47. The firm’s fifty day simple moving average is $139.97 and its 200-day simple moving average is $123.45.

Novo Nordisk A/S Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Tuesday, April 4th. Investors of record on Monday, March 27th will be given a $1.1887 dividend. The ex-dividend date of this dividend is Friday, March 24th. This is a positive change from Novo Nordisk A/S’s previous semi-annual dividend of $0.58. This represents a dividend yield of 0.8%. Novo Nordisk A/S’s payout ratio is currently 23.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NVO shares. JPMorgan Chase & Co. lifted their target price on shares of Novo Nordisk A/S from 925.00 to 1,100.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. StockNews.com began coverage on shares of Novo Nordisk A/S in a research note on Thursday. They issued a “strong-buy” rating on the stock. Cowen boosted their price objective on shares of Novo Nordisk A/S from $130.00 to $145.00 in a research note on Monday, December 12th. Finally, Cowen boosted their price objective on shares of Novo Nordisk A/S from $130.00 to $145.00 in a research note on Monday, December 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $697.78.

About Novo Nordisk A/S

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Novo Nordisk A/S is a global healthcare company, which engages in the the discovery, development, manufacturing and marketing of pharmaceutical products. It operates through the Diabetes and Obesity Care, and Biopharm segments. The Diabetes and Obesity Care segment includes insulin, GLP-1 and related delivery systems, oral antidiabetic products (OAD), obesity, and other serious chronic diseases.