Canopy Partners LLC Cuts Position in Novo Nordisk A/S (NYSE:NVO)

Canopy Partners LLC decreased its position in shares of Novo Nordisk A/S (NYSE:NVO) by 2.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,633 shares of the company’s stock after selling 185 shares during the period. Canopy Partners LLC’s holdings in Novo Nordisk A/S were worth $790,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Natixis boosted its stake in Novo Nordisk A/S by 748.1% in the first quarter. Natixis now owns 5,903 shares of the company’s stock worth $758,000 after buying an additional 5,207 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of Novo Nordisk A/S by 38.7% in the 1st quarter. Capital Research Global Investors now owns 47,233 shares of the company’s stock valued at $6,065,000 after purchasing an additional 13,181 shares in the last quarter. Steel Grove Capital Advisors LLC grew its holdings in shares of Novo Nordisk A/S by 47.9% during the 1st quarter. Steel Grove Capital Advisors LLC now owns 3,704 shares of the company’s stock valued at $476,000 after purchasing an additional 1,200 shares during the last quarter. Kestra Advisory Services LLC raised its position in Novo Nordisk A/S by 23.4% in the 1st quarter. Kestra Advisory Services LLC now owns 124,616 shares of the company’s stock worth $16,014,000 after purchasing an additional 23,641 shares during the period. Finally, BOKF NA lifted its stake in Novo Nordisk A/S by 31.6% in the first quarter. BOKF NA now owns 7,792 shares of the company’s stock worth $994,000 after purchasing an additional 1,871 shares during the last quarter. Institutional investors own 11.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NVO. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $160.00 price objective on shares of Novo Nordisk A/S in a research note on Wednesday, November 6th. StockNews.com upgraded Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 1st. Finally, BMO Capital Markets lowered their price objective on 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. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $144.50.

Novo Nordisk A/S Stock Performance

Shares of NVO opened at $105.07 on Friday. The company has a 50-day simple moving average of $115.48 and a two-hundred day simple moving average of $128.79. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.75. The firm has a market capitalization of $471.50 billion, a PE ratio of 34.00, a price-to-earnings-growth ratio of 1.32 and a beta of 0.42. Novo Nordisk A/S has a one year low of $94.73 and a one year high of $148.15.

Novo Nordisk A/S 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.