MAI Capital Management Reduces Stock Position in Novo Nordisk A/S (NYSE:NVO)

MAI Capital Management reduced its holdings in shares of Novo Nordisk A/S (NYSE:NVO) by 40.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 28,958 shares of the company’s stock after selling 19,709 shares during the quarter. MAI Capital Management’s holdings in Novo Nordisk A/S were worth $3,448,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Advisor OS LLC lifted its stake in shares of Novo Nordisk A/S by 0.6% during the 2nd quarter. Advisor OS LLC now owns 13,972 shares of the company’s stock valued at $1,994,000 after buying an additional 82 shares in the last quarter. Cascade Financial Partners LLC lifted its stake in Novo Nordisk A/S by 2.3% in the 2nd quarter. Cascade Financial Partners LLC now owns 3,801 shares of the company’s stock worth $543,000 after purchasing an additional 84 shares in the last quarter. Novare Capital Management LLC lifted its stake in Novo Nordisk A/S by 3.2% in the 3rd quarter. Novare Capital Management LLC now owns 2,727 shares of the company’s stock worth $325,000 after purchasing an additional 85 shares in the last quarter. AA Financial Advisors LLC lifted its stake in Novo Nordisk A/S by 3.2% in the 2nd quarter. AA Financial Advisors LLC now owns 2,805 shares of the company’s stock worth $400,000 after purchasing an additional 86 shares in the last quarter. Finally, Steel Grove Capital Advisors LLC lifted its stake in Novo Nordisk A/S by 2.3% in the 2nd quarter. Steel Grove Capital Advisors LLC now owns 3,790 shares of the company’s stock worth $541,000 after purchasing an additional 86 shares in the last quarter. 11.54% of the stock is currently owned by hedge funds and other institutional investors.

Novo Nordisk A/S Price Performance

Shares of NYSE:NVO opened at $102.65 on Wednesday. The company’s fifty day moving average price is $117.40 and its 200-day moving average price is $129.27. The firm has a market capitalization of $460.62 billion, a price-to-earnings ratio of 33.22, a PEG ratio of 1.31 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. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.75.

Analyst Ratings Changes

Several analysts have issued reports on NVO shares. StockNews.com upgraded shares of Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 1st. BMO Capital Markets lowered their target price on shares of Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $160.00 price target on shares of Novo Nordisk A/S in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Novo Nordisk A/S presently has an average 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.