M&T Bank Corp Sells 128,573 Shares of Novo Nordisk A/S (NYSE:NVO)

M&T Bank Corp cut its holdings in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 33.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 251,085 shares of the company's stock after selling 128,573 shares during the period. M&T Bank Corp's holdings in Novo Nordisk A/S were worth $17,435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. GQG Partners LLC lifted its position in Novo Nordisk A/S by 74.7% in the fourth quarter. GQG Partners LLC now owns 12,994,533 shares of the company's stock worth $1,117,790,000 after purchasing an additional 5,556,460 shares during the period. Loomis Sayles & Co. L P lifted its position in Novo Nordisk A/S by 34.2% in the fourth quarter. Loomis Sayles & Co. L P now owns 11,571,686 shares of the company's stock worth $995,397,000 after purchasing an additional 2,947,771 shares during the period. Nuveen Asset Management LLC lifted its position in Novo Nordisk A/S by 73.2% in the fourth quarter. Nuveen Asset Management LLC now owns 6,244,931 shares of the company's stock worth $537,189,000 after purchasing an additional 2,639,693 shares during the period. Two Sigma Investments LP acquired a new stake in Novo Nordisk A/S in the fourth quarter worth approximately $158,657,000. Finally, Clearbridge Investments LLC lifted its position in Novo Nordisk A/S by 59.8% in the fourth quarter. Clearbridge Investments LLC now owns 4,283,317 shares of the company's stock worth $368,451,000 after purchasing an additional 1,602,549 shares during the period. 11.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NVO. Wall Street Zen upgraded Novo Nordisk A/S from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Guggenheim downgraded Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th. BMO Capital Markets reiterated a "market perform" rating and set a $64.00 price objective (down previously from $105.00) on shares of Novo Nordisk A/S in a research report on Thursday, April 17th. Dbs Bank downgraded Novo Nordisk A/S to a "sell" rating in a research report on Friday, April 25th. Finally, BNP Paribas started coverage on Novo Nordisk A/S in a research report on Tuesday, April 15th. They set an "underperform" rating for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $112.00.

Novo Nordisk A/S Price Performance

Shares of NYSE NVO traded up $0.16 during mid-day trading on Wednesday, hitting $69.80. 5,372,841 shares of the stock were exchanged, compared to its average volume of 7,281,206. The company has a market cap of $311.66 billion, a P/E ratio of 20.65, a PEG ratio of 1.35 and a beta of 0.64. The stock's fifty day simple moving average is $70.19 and its two-hundred day simple moving average is $75.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.56 and a current ratio of 0.74. Novo Nordisk A/S has a twelve month low of $57.00 and a twelve month high of $143.49.

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