Covenant Partners LLC Has $2.09 Million Stake in Novo Nordisk A/S (NYSE:NVO)

Covenant Partners LLC increased its position in shares of Novo Nordisk A/S (NYSE:NVO) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,526 shares of the company’s stock after purchasing an additional 130 shares during the period. Novo Nordisk A/S makes up about 0.6% of Covenant Partners LLC’s portfolio, making the stock its 20th biggest holding. Covenant Partners LLC’s holdings in Novo Nordisk A/S were worth $2,087,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NVO. 1620 Investment Advisors Inc. bought a new stake in shares of Novo Nordisk A/S in the second quarter valued at about $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Novo Nordisk A/S in the second quarter valued at approximately $25,000. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Novo Nordisk A/S in the first quarter valued at approximately $26,000. Orion Capital Management LLC acquired a new stake in Novo Nordisk A/S during the first quarter worth approximately $26,000. Finally, Gilliland Jeter Wealth Management LLC raised its holdings in Novo Nordisk A/S by 200.0% in the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock valued at $26,000 after acquiring an additional 120 shares in the last quarter. 11.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Novo Nordisk A/S Trading Down 0.5 %

Shares of NYSE:NVO traded down $0.54 during midday trading on Friday, hitting $113.38. 4,564,363 shares of the stock were exchanged, compared to its average volume of 4,288,053. The business’s 50-day moving average price is $126.61 and its 200 day moving average price is $131.28. Novo Nordisk A/S has a 12 month low of $92.94 and a 12 month high of $148.15. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.94. The stock has a market capitalization of $508.80 billion, a price-to-earnings ratio of 39.09, a P/E/G ratio of 1.52 and a beta of 0.42.

Novo Nordisk A/S (NYSE:NVO) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.06). Novo Nordisk A/S had a net margin of 34.86% and a return on equity of 87.43%. The business had revenue of $9.82 billion for the quarter, compared to the consensus estimate of $9.91 billion. Analysts predict that Novo Nordisk A/S will post 3.01 earnings per share 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 given a dividend of $0.5126 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a dividend yield of 0.7%. Novo Nordisk A/S’s dividend payout ratio (DPR) is 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.