Brookstone Capital Management Reduces Stake in Novo Nordisk A/S

On October 12, 2024, it was reported that Brookstone Capital Management has decreased its holdings in Novo Nordisk A/S (NYSE:NVO) by 1.1% during the third quarter. Following this transaction, Brookstone now owns 16,408 shares of Novo Nordisk after selling 186 shares during the quarter. As of its latest filing with the SEC, the firm's investment in Novo Nordisk A/S is valued at approximately $1,954,000.

In addition to Brookstone's actions, several other hedge funds have also made movements regarding their positions in Novo Nordisk. For instance, First PREMIER Bank initiated a new stake in the company in the first quarter with an investment of around $25,000. Similarly, both 1620 Investment Advisors Inc. and Strategic Investment Solutions Inc. made new investments in Novo Nordisk in the second quarter, each valued at about $25,000. Furthermore, Dixon Mitchell Investment Counsel Inc. and Orion Capital Management LLC also entered into new positions during the first quarter, each investing approximately $26,000. Currently, institutional investors control about 11.54% of Novo Nordisk's stock.

Market Analysts' Perspectives

Recent analyst evaluations have offered varied ratings on Novo Nordisk. StockNews.com recently downgraded the company's rating from a "strong-buy" to a "buy" in a report released on Wednesday. Meanwhile, Cantor Fitzgerald reaffirmed an "overweight" rating and established a target price of $160.00 for the shares. Furthermore, BMO Capital Markets revised their target price from $170.00 down to $160.00 and maintained an "outperform" rating. Overall, one analyst has assigned a hold rating while seven have classified the stock as a buy. The average rating for Novo Nordisk A/S according to MarketBeat.com currently stands at "Moderate Buy," with an average target price of $145.17.

Novo Nordisk A/S Stock Performance

As of the last trading session, shares of Novo Nordisk A/S opened at $120.04. The company has experienced a 52-week low of $92.94 and a high of $148.15. Novo Nordisk boasts a market capitalization of $538.68 billion. The company has a price-to-earnings (P/E) ratio of 41.11, a price/earnings to growth (PEG) ratio of 1.53, and a beta of 0.42. Additionally, the company's quick ratio is 0.75, current ratio is 0.94, and the debt-to-equity ratio is 0.46. Recent moving averages indicate a 50-day price of $129.39 and a 200-day price of $132.00.

Earnings Overview

Novo Nordisk A/S posted its quarterly earnings results on August 7. The company reported earnings per share (EPS) of $0.65, falling short of the consensus estimate of $0.71 by $0.06. Novo Nordisk recorded a net margin of 34.86% and a significant return on equity of 87.43%. The firm's revenue for the quarter amounted to $9.82 billion, which was below analysts' projections of $9.91 billion. Analysts expect Novo Nordisk to achieve earnings per share of 3.01 for the current year.

Dividend Announcement

Recently, Novo Nordisk declared its semi-annual dividend, which was distributed on August 26. Shareholders recorded as of August 16 received a dividend of $0.5126 per share, translating to a dividend yield of 0.7%. The ex-dividend date coincided with August 16. The company's payout ratio stands at 24.66%.

Company Overview

Novo Nordisk A/S operates in the pharmaceutical industry, focusing on research and development, manufacturing, and distribution of medications across Europe, the Middle East, Africa, China, Hong Kong, Taiwan, North America, and other regions. The company specializes in two primary segments: Diabetes and Obesity Care and Rare Diseases.

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