Glenmede Trust Co. NA Lowers Position in Novo Nordisk A/S (NVO)
Glenmede Trust Co. NA decreased its position in Novo Nordisk A/S (NYSE:NVO) by 23.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 286,670 shares of the company’s stock after selling 89,624 shares during the period. Glenmede Trust Co. NA’s holdings in Novo Nordisk A/S were worth $15,384,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cetera Advisor Networks LLC boosted its holdings in shares of Novo Nordisk A/S by 21.7% in the third quarter. Cetera Advisor Networks LLC now owns 12,082 shares of the company’s stock valued at $583,000 after purchasing an additional 2,151 shares during the period. Flow Traders U.S. LLC lifted its holdings in Novo Nordisk A/S by 183.5% during the third quarter. Flow Traders U.S. LLC now owns 15,416 shares of the company’s stock worth $742,000 after buying an additional 9,979 shares during the period. Hansberger Growth Investors LP lifted its holdings in Novo Nordisk A/S by 3.2% during the fourth quarter. Hansberger Growth Investors LP now owns 46,099 shares of the company’s stock worth $2,474,000 after buying an additional 1,425 shares during the period. Foyston Gordon & Payne Inc lifted its holdings in Novo Nordisk A/S by 49.7% during the third quarter. Foyston Gordon & Payne Inc now owns 171,472 shares of the company’s stock worth $8,256,000 after buying an additional 56,941 shares during the period. Finally, TRUE Private Wealth Advisors purchased a new stake in Novo Nordisk A/S during the fourth quarter worth $327,000. Hedge funds and other institutional investors own 6.71% of the company’s stock.
Novo Nordisk A/S stock opened at $50.25 on Thursday. The stock has a market capitalization of $123,447.04, a price-to-earnings ratio of 21.66, a PEG ratio of 3.29 and a beta of 0.60. Novo Nordisk A/S has a 12-month low of $33.10 and a 12-month high of $58.37.
Novo Nordisk A/S declared that its board has initiated a stock repurchase plan on Thursday, February 1st that permits the company to repurchase outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a special dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Monday, March 26th will be given a dividend of $0.8117 per share. This represents a dividend yield of 0.96%. The ex-dividend date is Friday, March 23rd. Novo Nordisk A/S’s payout ratio is presently 35.34%.
A number of research firms have weighed in on NVO. Zacks Investment Research lowered Novo Nordisk A/S from a “buy” rating to a “hold” rating in a report on Tuesday. Deutsche Bank restated a “buy” rating on shares of Novo Nordisk A/S in a report on Monday, January 8th. JPMorgan Chase & Co. upgraded Novo Nordisk A/S from an “underweight” rating to a “neutral” rating in a report on Friday, December 29th. Bank of America upgraded Novo Nordisk A/S from a “neutral” rating to a “buy” rating in a report on Wednesday, December 6th. Finally, Morgan Stanley upgraded Novo Nordisk A/S from an “equal weight” rating to an “overweight” rating in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $64.00.
About Novo Nordisk A/S
Novo Nordisk A/S is a global healthcare company engaged in diabetes care. The Company is also engaged in the discovery, development, manufacturing and marketing of pharmaceutical products. The Company operates through two business segments: diabetes and obesity care, and biopharmaceuticals. The Company’s diabetes and obesity care segment covers insulin, GLP-1, other protein-related products, such as glucagon, protein-related delivery systems and needles, and oral anti-diabetic drugs.
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