Carnegie Investment Counsel Buys 73,930 Shares of Novo Nordisk A/S (NYSE:NVO)

Carnegie Investment Counsel lifted its stake in Novo Nordisk A/S (NYSE:NVO - Free Report) by 37.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 272,475 shares of the company's stock after acquiring an additional 73,930 shares during the quarter. Carnegie Investment Counsel's holdings in Novo Nordisk A/S were worth $17,362,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Pinnacle Associates Ltd. raised its stake in Novo Nordisk A/S by 2.6% during the 1st quarter. Pinnacle Associates Ltd. now owns 42,530 shares of the company's stock valued at $2,953,000 after buying an additional 1,063 shares during the last quarter. Dempze Nancy E purchased a new position in shares of Novo Nordisk A/S in the 1st quarter worth $620,000. AE Wealth Management LLC grew its holdings in shares of Novo Nordisk A/S by 20.8% in the first quarter. AE Wealth Management LLC now owns 5,742 shares of the company's stock worth $399,000 after acquiring an additional 989 shares during the period. Winthrop Capital Management LLC grew its holdings in shares of Novo Nordisk A/S by 950.7% in the first quarter. Winthrop Capital Management LLC now owns 3,562 shares of the company's stock worth $247,000 after acquiring an additional 3,223 shares during the period. Finally, W.G. Shaheen & Associates DBA Whitney & Co purchased a new stake in Novo Nordisk A/S during the first quarter valued at $9,651,000. 11.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NVO. BNP Paribas started coverage on Novo Nordisk A/S in a research report on Tuesday, April 15th. They issued an "underperform" rating on the stock. Dbs Bank downgraded shares of Novo Nordisk A/S to a "sell" rating in a report on Friday, April 25th. Wall Street Zen upgraded shares of Novo Nordisk A/S from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. BMO Capital Markets reaffirmed a "market perform" rating and set a $64.00 target price (down from $105.00) on shares of Novo Nordisk A/S in a report on Thursday, April 17th. Finally, Hsbc Global Res upgraded shares of Novo Nordisk A/S to a "strong-buy" rating in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Novo Nordisk A/S has a consensus rating of "Hold" and an average price target of $112.00.

Novo Nordisk A/S Price Performance

Shares of NVO stock traded up $0.94 on Friday, hitting $71.67. 7,345,265 shares of the stock traded hands, compared to its average volume of 7,144,964. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.74 and a quick ratio of 0.56. Novo Nordisk A/S has a 52 week low of $57.00 and a 52 week high of $139.74. The firm has a 50 day simple moving average of $70.52 and a two-hundred day simple moving average of $73.88. The firm has a market cap of $320.00 billion, a price-to-earnings ratio of 21.20, a PEG ratio of 1.36 and a beta of 0.64.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.92 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.92. The business had revenue of $11.87 billion during the quarter. Novo Nordisk A/S had a return on equity of 80.94% and a net margin of 34.52%. As a group, equities research analysts predict that Novo Nordisk A/S will post 3.84 earnings per share for the current fiscal year.

About Novo Nordisk A/S

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.