Pinnacle Associates Ltd. Raises Position in Novo Nordisk A/S (NVO)
Pinnacle Associates Ltd. increased its stake in shares of Novo Nordisk A/S (NYSE:NVO) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,503 shares of the company’s stock after buying an additional 4,716 shares during the period. Pinnacle Associates Ltd.’s holdings in Novo Nordisk A/S were worth $4,358,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in Novo Nordisk A/S by 20.6% during the 1st quarter. Geode Capital Management LLC now owns 28,778 shares of the company’s stock valued at $985,000 after purchasing an additional 4,910 shares during the period. Bank of Montreal Can lifted its position in Novo Nordisk A/S by 24.2% during the 2nd quarter. Bank of Montreal Can now owns 80,934 shares of the company’s stock valued at $3,470,000 after purchasing an additional 15,756 shares during the period. Harbour Capital Advisors LLC lifted its position in Novo Nordisk A/S by 4,188.9% during the 2nd quarter. Harbour Capital Advisors LLC now owns 22,088 shares of the company’s stock valued at $515,000 after purchasing an additional 21,573 shares during the period. Janney Montgomery Scott LLC lifted its position in Novo Nordisk A/S by 53.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 43,164 shares of the company’s stock valued at $1,851,000 after purchasing an additional 14,999 shares during the period. Finally, Bessemer Group Inc. lifted its position in Novo Nordisk A/S by 0.7% during the 2nd quarter. Bessemer Group Inc. now owns 33,388 shares of the company’s stock valued at $1,431,000 after purchasing an additional 247 shares during the period. Institutional investors and hedge funds own 6.17% of the company’s stock.
Shares of Novo Nordisk A/S (NVO) traded up $0.22 during mid-day trading on Friday, hitting $51.99. The stock had a trading volume of 1,551,783 shares, compared to its average volume of 1,472,353. The company has a market cap of $132,013.50, a PE ratio of 22.61, a PEG ratio of 3.09 and a beta of 0.63. Novo Nordisk A/S has a one year low of $32.83 and a one year high of $52.32.
NVO has been the topic of a number of research reports. BidaskClub upgraded shares of Novo Nordisk A/S from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. Bank of America upgraded shares of Novo Nordisk A/S from an “underperform” rating to a “neutral” rating in a research report on Wednesday, September 6th. Zacks Investment Research raised Novo Nordisk A/S from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Wednesday, September 13th. BNP Paribas cut Novo Nordisk A/S from an “outperform” rating to a “neutral” rating in a research note on Monday, September 25th. Finally, Morgan Stanley raised Novo Nordisk A/S from an “equal weight” rating to an “overweight” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $55.00.
In related news, insider Eric S. Sprott purchased 50,000 shares of the stock in a transaction dated Wednesday, November 8th. The stock was bought at an average cost of $8.34 per share, with a total value of $417,000.00. Corporate insiders own 0.07% of the company’s stock.
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Novo Nordisk A/S Profile
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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