M&T Bank Corp Sells 168,447 Shares of Novo Nordisk A/S $NVO

Key Points

• M&T Bank Corp cut its position in Novo Nordisk by 67.1% in Q2, selling 168,447 shares and retaining 82,638 shares worth $5.703 million.
• Novo Nordisk reported $1.02 EPS (vs. $0.77 expected) while revenue missed at $11.79 billion; the stock has a market cap of $214.28 billion, a P/E of 13.95, and a 1‑year range of $43.08–$112.52.
• Analyst coverage is mixed with an average rating of "Hold" and an average price target of $56, reflecting 1 Strong Buy, 6 Buy, 11 Hold and 3 Sell ratings.

M&T Bank Corp cut its position in Novo Nordisk A/S (NYSE:NVO - Free Report) by 67.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 82,638 shares of the company's stock after selling 168,447 shares during the quarter. M&T Bank Corp's holdings in Novo Nordisk A/S were worth $5,703,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in NVO. Solidarity Wealth LLC boosted its position in shares of Novo Nordisk A/S by 521.1% in the second quarter. Solidarity Wealth LLC now owns 71,435 shares of the company's stock valued at $4,930,000 after acquiring an additional 59,933 shares during the period. Smith Moore & CO. acquired a new stake in Novo Nordisk A/S in the 2nd quarter worth about $202,000. VestGen Advisors LLC boosted its holdings in Novo Nordisk A/S by 6.9% in the 2nd quarter. VestGen Advisors LLC now owns 7,719 shares of the company's stock valued at $533,000 after purchasing an additional 497 shares during the period. Greenwich Wealth Management LLC acquired a new position in shares of Novo Nordisk A/S during the 2nd quarter worth approximately $331,000. Finally, Channing Global Advisors LLC increased its holdings in shares of Novo Nordisk A/S by 42.3% during the second quarter. Channing Global Advisors LLC now owns 15,228 shares of the company's stock worth $1,051,000 after purchasing an additional 4,530 shares during the period. Institutional investors own 11.54% of the company's stock.

Novo Nordisk A/S Price Performance

NVO stock opened at $47.99 on Friday. The stock has a market cap of $214.28 billion, a price-to-earnings ratio of 13.95 and a beta of 0.67. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.57. The company has a 50 day simple moving average of $51.94 and a 200 day simple moving average of $59.25. Novo Nordisk A/S has a 1 year low of $43.08 and a 1 year high of $112.52.

Novo Nordisk A/S (NYSE:NVO - Get Free Report) last issued its earnings results on Wednesday, November 5th. The company reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.25. The firm had revenue of $11.79 billion for the quarter, compared to analyst estimates of $11.98 billion. Novo Nordisk A/S had a net margin of 32.76% and a return on equity of 73.50%. Research analysts anticipate that Novo Nordisk A/S will post 3.84 EPS for the current fiscal year.

Analyst Ratings Changes

NVO has been the subject of a number of analyst reports. Hsbc Global Res downgraded shares of Novo Nordisk A/S from a "strong-buy" rating to a "hold" rating in a research report on Monday, November 24th. Zacks Research cut Novo Nordisk A/S from a "hold" rating to a "strong sell" rating in a report on Wednesday. Berenberg Bank upgraded Novo Nordisk A/S from a "hold" rating to a "buy" rating in a research report on Wednesday, September 17th. Morgan Stanley reissued an "underweight" rating and set a $42.00 target price on shares of Novo Nordisk A/S in a report on Wednesday. Finally, Dbs Bank raised Novo Nordisk A/S from a "strong sell" rating to a "hold" rating in a research note on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $56.00.

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.

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