Steel Peak Wealth Management LLC Invests $249,000 in Novo Nordisk A/S (NYSE:NVO)

Posted by Defense World Staff on Apr 6th, 2023

Steel Peak Wealth Management LLC acquired a new position in Novo Nordisk A/S (NYSE:NVO – Get Rating) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 1,837 shares of the company’s stock, valued at approximately $249,000.

Several other large investors have also recently modified their holdings of the stock. Pinnacle Associates Ltd. increased its holdings in shares of Novo Nordisk A/S by 3.8% in the fourth quarter. Pinnacle Associates Ltd. now owns 22,362 shares of the company’s stock worth $2,656,000 after buying an additional 815 shares during the period. First American Trust FSB increased its holdings in shares of Novo Nordisk A/S by 2.9% in the fourth quarter. First American Trust FSB now owns 53,578 shares of the company’s stock worth $7,251,000 after buying an additional 1,495 shares during the period. Lindbrook Capital LLC increased its holdings in shares of Novo Nordisk A/S by 4.0% in the fourth quarter. Lindbrook Capital LLC now owns 4,861 shares of the company’s stock worth $658,000 after buying an additional 189 shares during the period. Stonegate Investment Group LLC purchased a new position in shares of Novo Nordisk A/S in the fourth quarter worth about $1,130,000. Finally, Ziegler Capital Management LLC purchased a new position in Novo Nordisk A/S during the 4th quarter valued at about $9,873,000. Hedge funds and other institutional investors own 6.09% of the company’s stock.

Novo Nordisk A/S Stock Performance

Shares of NVO opened at $157.90 on Thursday. The company has a quick ratio of 0.69, a current ratio of 0.89 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average price is $144.16 and its 200-day moving average price is $128.02. Novo Nordisk A/S has a 52 week low of $95.02 and a 52 week high of $160.10. The stock has a market cap of $357.32 billion, a P/E ratio of 45.50, a P/E/G ratio of 1.66 and a beta of 0.48.

Novo Nordisk A/S (NYSE:NVO – Get Rating) last issued its quarterly earnings results on Wednesday, February 1st. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. Novo Nordisk A/S had a return on equity of 73.39% and a net margin of 31.44%. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Equities research analysts anticipate that Novo Nordisk A/S will post 4.51 earnings per share for the current fiscal year.

Novo Nordisk A/S Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Tuesday, April 4th. Stockholders of record on Monday, March 27th were given a $1.1887 dividend. This is a boost from Novo Nordisk A/S’s previous semi-annual dividend of $0.58. This represents a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, March 24th. Novo Nordisk A/S’s payout ratio is currently 48.70%.

Analyst Ratings Changes

A number of brokerages recently issued reports on NVO. Cowen boosted their price target on Novo Nordisk A/S from $130.00 to $145.00 in a report on Monday, December 12th. JPMorgan Chase & Co. boosted their price target on 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 Novo Nordisk A/S in a report on Thursday, March 16th. They set a “strong-buy” rating on the stock. Finally, Cowen boosted their price target on Novo Nordisk A/S from $130.00 to $145.00 in a report on Monday, December 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $697.78.

Novo Nordisk A/S Company Profile

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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.