Confluence Investment Management LLC Makes New $1.39 Million Investment in Novo Nordisk A/S (NYSE:NVO)

Confluence Investment Management LLC bought a new position in shares of Novo Nordisk A/S (NYSE:NVO) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,844 shares of the company’s stock, valued at approximately $1,392,000.

A number of other large investors have also recently made changes to their positions in NVO. Morgan Stanley increased its stake in shares of Novo Nordisk A/S by 96.5% during the third quarter. Morgan Stanley now owns 9,215,098 shares of the company’s stock worth $838,021,000 after buying an additional 4,526,199 shares during the period. Royal Bank of Canada increased its stake in Novo Nordisk A/S by 109.2% in the third quarter. Royal Bank of Canada now owns 3,643,061 shares of the company’s stock valued at $331,300,000 after purchasing an additional 1,901,429 shares during the last quarter. Northern Trust Corp increased its stake in Novo Nordisk A/S by 110.4% in the third quarter. Northern Trust Corp now owns 3,585,407 shares of the company’s stock valued at $326,057,000 after purchasing an additional 1,881,264 shares during the last quarter. Soros Fund Management LLC purchased a new position in Novo Nordisk A/S in the third quarter valued at approximately $138,759,000. Finally, Natixis Advisors L.P. increased its stake in Novo Nordisk A/S by 96.2% in the third quarter. Natixis Advisors L.P. now owns 2,997,073 shares of the company’s stock valued at $272,554,000 after purchasing an additional 1,469,489 shares during the last quarter. 11.54% of the stock is currently owned by hedge funds and other institutional investors.

Novo Nordisk A/S Stock Performance

Shares of NVO traded down $0.20 during mid-day trading on Tuesday, reaching $140.17. 1,662,926 shares of the company’s stock were exchanged, compared to its average volume of 4,490,015. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.70 and a quick ratio of 0.50. The stock has a market capitalization of $629.02 billion, a PE ratio of 48.26, a price-to-earnings-growth ratio of 1.48 and a beta of 0.41. The business’s fifty day simple moving average is $131.65 and its 200-day simple moving average is $120.89. Novo Nordisk A/S has a 52-week low of $75.56 and a 52-week high of $144.50.

Novo Nordisk A/S (NYSE:NVO) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Novo Nordisk A/S had a net margin of 36.56% and a return on equity of 91.70%. The firm had revenue of $9.52 billion for the quarter, compared to analyst estimates of $9.23 billion. On average, equities research analysts expect that Novo Nordisk A/S will post 3.41 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on NVO shares. BMO Capital Markets started coverage on shares of Novo Nordisk A/S in a research note on Friday, April 12th. They issued an “outperform” rating and a $163.00 price target on the stock. Argus increased their price target on shares of Novo Nordisk A/S from $125.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $160.00 price target on shares of Novo Nordisk A/S in a research note on Monday. Finally, The Goldman Sachs Group began coverage on Novo Nordisk A/S in a report on Thursday, May 30th. They issued a “buy” rating and a $156.00 price objective for the company. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $145.67.

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.