Kornitzer Capital Management Inc. KS Has $4.01 Million Position in Novo Nordisk A/S $NVO

Key Points

• Kornitzer Capital Management cut its Novo Nordisk stake by 35.1% in the first quarter, selling 59,053 shares and leaving it with 109,092 shares valued at about $4.01 million.
• Institutional investors remain active in the stock, with several funds increasing positions while others trimmed them; overall, institutions and hedge funds own 11.54% of Novo Nordisk shares.
• Analysts are mixed on NVO, with the stock carrying an average Hold rating and a consensus price target of $65.56, even as recent news has highlighted Wegovy expansion, a new weekly insulin launch in India, and rising competition in obesity and diabetes drugs.

Kornitzer Capital Management Inc. KS lowered its stake in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 35.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,092 shares of the company's stock after selling 59,053 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Novo Nordisk A/S were worth $4,009,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Revolve Wealth Partners LLC raised its position in shares of Novo Nordisk A/S by 8.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 2,490 shares of the company's stock valued at $214,000 after purchasing an additional 200 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Novo Nordisk A/S by 21.0% during the 1st quarter. AQR Capital Management LLC now owns 62,099 shares of the company's stock worth $4,312,000 after buying an additional 10,758 shares during the period. Sivia Capital Partners LLC grew its stake in Novo Nordisk A/S by 18.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 10,320 shares of the company's stock valued at $712,000 after buying an additional 1,587 shares during the last quarter. Invesco Ltd. grew its stake in Novo Nordisk A/S by 26.3% in the 2nd quarter. Invesco Ltd. now owns 419,691 shares of the company's stock valued at $28,967,000 after buying an additional 87,467 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in Novo Nordisk A/S in the 2nd quarter worth $314,000. Institutional investors and hedge funds own 11.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on NVO shares. Nordea Equity Research raised shares of Novo Nordisk A/S from a "hold" rating to a "buy" rating in a research report on Friday, June 19th. Wall Street Zen lowered Novo Nordisk A/S from a "buy" rating to a "hold" rating in a research note on Saturday, June 20th. Weiss Ratings lowered Novo Nordisk A/S from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, April 22nd. Citigroup reissued a "neutral" rating on shares of Novo Nordisk A/S in a research report on Tuesday, May 12th. Finally, Wolfe Research assumed coverage on Novo Nordisk A/S in a research note on Thursday, March 26th. They set a "peer perform" rating for the company. Five research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Novo Nordisk A/S currently has an average rating of "Hold" and a consensus price target of $65.56.

Key Stories Impacting Novo Nordisk A/S

Here are the key news stories impacting Novo Nordisk A/S this week:

• Positive Sentiment: Novo Nordisk’s Wegovy access continues to expand, and a recent U.K. approval has added to optimism around demand for its GLP-1 franchise, supporting the stock’s recent rebound. Article Title
• Positive Sentiment: The company launched Awiqli, the world’s first once-weekly basal insulin, in India, a move that could strengthen Novo Nordisk’s diabetes footprint in a large and fast-growing market. Article Title
• Positive Sentiment: Analysts and commentators continue to argue that the stock still has a long-term bull case, with some saying the decline from highs has made the valuation more attractive relative to the company’s growth prospects. Article Title
• Neutral Sentiment: Several articles note that investors are simply watching Novo Nordisk more closely, suggesting heightened interest rather than a single new fundamental catalyst. Article Title
• Neutral Sentiment: Coverage around a Wegovy label update and broader GLP-1 enthusiasm is keeping the name in focus, but the market appears to be balancing this against the risk that competition and earnings pressure could limit upside. Article Title
• Negative Sentiment: Recent commentary also highlights rising competition in the obesity and diabetes drug markets, which could pressure Novo Nordisk’s growth and margins over time. Article Title
• Negative Sentiment: One recent market note said NVO has been slipping relative to the broader market, reflecting some near-term profit taking after the stock’s strong run. Article Title

Novo Nordisk A/S Stock Performance

NYSE:NVO traded up $0.61 during trading hours on Friday, hitting $49.49. 6,314,361 shares of the company traded hands, compared to its average volume of 10,696,942. The stock has a market capitalization of $220.96 billion, a price-to-earnings ratio of 11.62, a P/E/G ratio of 4.51 and a beta of 0.77. Novo Nordisk A/S has a twelve month low of $35.12 and a twelve month high of $71.79. The firm has a 50-day moving average of $45.57 and a 200 day moving average of $45.87. The company has a current ratio of 0.79, a quick ratio of 0.56 and a debt-to-equity ratio of 0.59.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $1.03 earnings per share for the quarter. The firm had revenue of $10.85 billion during the quarter. Novo Nordisk A/S had a net margin of 37.23% and a return on equity of 63.31%. On average, analysts forecast that Novo Nordisk A/S will post 3.38 EPS for the current year.

Novo Nordisk A/S Profile

Novo Nordisk A/S is a Danish multinational pharmaceutical company headquartered in Bagsværd, Denmark, best known for its leadership in diabetes care and metabolic health. The company traces its roots to early Danish insulin production in the 1920s and was established in its current form through a 1989 merger of predecessor companies. Novo Nordisk develops, manufactures and markets pharmaceutical products and devices that address chronic and serious diseases, with a strong emphasis on long-term treatment and patient support.

The company’s core product portfolio centers on diabetes therapies, including a range of insulins and modern incretin-based treatments.

Want to see what other hedge funds are holding NVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novo Nordisk A/S (NYSE:NVO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.