Summit Global Investments Decreases Position in Novo Nordisk A/S (NYSE:NVO)

Summit Global Investments reduced its stake in Novo Nordisk A/S (NYSE:NVO) by 31.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 36,284 shares of the company’s stock after selling 16,843 shares during the period. Summit Global Investments’ holdings in Novo Nordisk A/S were worth $4,320,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Winthrop Advisory Group LLC acquired a new stake in shares of Novo Nordisk A/S in the 3rd quarter valued at about $234,000. Lewis Asset Management LLC lifted its stake in Novo Nordisk A/S by 3.4% in the third quarter. Lewis Asset Management LLC now owns 5,472 shares of the company’s stock valued at $652,000 after buying an additional 182 shares during the last quarter. Channel Wealth LLC boosted its holdings in shares of Novo Nordisk A/S by 15.6% in the third quarter. Channel Wealth LLC now owns 57,353 shares of the company’s stock valued at $6,829,000 after acquiring an additional 7,756 shares during the period. Portside Wealth Group LLC grew its position in shares of Novo Nordisk A/S by 3.9% during the third quarter. Portside Wealth Group LLC now owns 59,015 shares of the company’s stock worth $7,027,000 after acquiring an additional 2,200 shares during the last quarter. Finally, Consolidated Planning Corp increased its holdings in shares of Novo Nordisk A/S by 1.9% in the 3rd quarter. Consolidated Planning Corp now owns 55,134 shares of the company’s stock valued at $6,565,000 after acquiring an additional 1,038 shares during the period. Institutional investors and hedge funds own 11.54% of the company’s stock.

Novo Nordisk A/S Stock Up 2.1 %

Novo Nordisk A/S stock opened at $107.62 on Friday. The stock’s 50 day moving average price is $122.65 and its 200 day moving average price is $130.59. The company has a market cap of $482.95 billion, a PE ratio of 36.86, a price-to-earnings-growth ratio of 1.43 and a beta of 0.42. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.75. Novo Nordisk A/S has a 1-year low of $94.73 and a 1-year high of $148.15.

Novo Nordisk A/S (NYSE:NVO) last issued its earnings results on Wednesday, August 7th. The company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.06). The company had revenue of $9.82 billion for the quarter, compared to analysts’ expectations of $9.91 billion. Novo Nordisk A/S had a return on equity of 87.43% and a net margin of 34.86%. On average, sell-side analysts predict that Novo Nordisk A/S will post 3.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NVO shares. StockNews.com raised shares of Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 1st. BMO Capital Markets dropped their price target on Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $160.00 price objective on shares of Novo Nordisk A/S in a research report on Wednesday. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Novo Nordisk A/S presently has a consensus rating of “Buy” and an average target price of $144.50.

Novo Nordisk A/S Company Profile

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.