Eastern Bank Decreases Stock Holdings in Novo Nordisk A/S $NVO

Eastern Bank reduced its position in shares of Novo Nordisk A/S (NYSE:NVO) by 58.1% in the second quarter, Holdings Channel reports. The fund owned 122,583 shares of the company’s stock after selling 169,794 shares during the quarter. Eastern Bank’s holdings in Novo Nordisk A/S were worth $5,877,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership purchased a new stake in Novo Nordisk A/S during the first quarter valued at $287,660,000. Boston Partners purchased a new position in shares of Novo Nordisk A/S in the 3rd quarter worth $310,199,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Novo Nordisk A/S by 99.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,688,262 shares of the company’s stock worth $492,940,000 after buying an additional 4,836,285 shares during the last quarter. Voloridge Investment Management LLC increased its holdings in shares of Novo Nordisk A/S by 851.6% in the 4th quarter. Voloridge Investment Management LLC now owns 4,807,279 shares of the company’s stock worth $244,594,000 after buying an additional 4,302,126 shares during the last quarter. Finally, Maverick Capital Ltd. purchased a new stake in shares of Novo Nordisk A/S during the 1st quarter valued at about $76,444,000. 11.54% of the stock is owned by hedge funds and other institutional investors.

Novo Nordisk A/S News Summary

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

• Positive Sentiment: Reuters reports that Novo may be beginning to regain ground in the obesity-drug race with Eli Lilly, offering investors a potential recovery narrative after two difficult years of profit warnings, leadership changes and declining share performance. Obesity battle heats up again as Novo claws way back into race with Lilly
• Neutral Sentiment: Citi maintained a neutral rating, saying the market’s reaction to the failed ZEUS heart-drug trial may have been excessive. However, the bank remains on the sidelines because of concerns about obesity-drug pricing, competition and the durability of GLP-1 growth. Citi says Novo selloff overdone but GLP-1 worries keep it on the sidelines
• Neutral Sentiment: Novo is approaching its second-quarter earnings report with investors looking for evidence that demand for injectable GLP-1 medicines is stabilizing. Results and management guidance will be important for assessing whether recent weakness reflects temporary pressure or a broader slowdown. Novo Nordisk Before Q2 Earnings: How Should Investors Play the Stock?
• Negative Sentiment: Novo disclosed that ziltivekimab failed to meet the primary endpoint in the Phase 3 ZEUS trial, failing to reduce major adverse cardiovascular events versus placebo. The setback weakens hopes of diversifying growth beyond weight-loss drugs and contributed to the recent decline in investor sentiment. Novo Nordisk shares in hot water after disappointing trial
• Negative Sentiment: Eli Lilly’s upcoming results are another near-term risk: strong Mounjaro and Zepbound sales could reinforce Lilly’s competitive advantage, while early demand for its obesity product Foundayo will be watched closely by investors comparing the two companies. Will Mounjaro and Zepbound Drive Lilly’s Q2 Results

Novo Nordisk A/S Stock Up 0.1%

Shares of NVO opened at $47.12 on Tuesday. The firm has a fifty day moving average price of $46.96 and a 200-day moving average price of $45.32. The company has a current ratio of 0.79, a quick ratio of 0.56 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $210.37 billion, a P/E ratio of 11.06, a P/E/G ratio of 4.30 and a beta of 0.76. Novo Nordisk A/S has a 12-month low of $35.12 and a 12-month high of $64.16.

Novo Nordisk A/S (NYSE:NVO) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $1.03 EPS for the quarter. Novo Nordisk A/S had a net margin of 37.23% and a return on equity of 63.31%. The company had revenue of $10.85 billion for the quarter. Equities research analysts expect that Novo Nordisk A/S will post 3.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NVO shares. Zacks Research downgraded shares of Novo Nordisk A/S from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Citigroup restated a “neutral” rating on shares of Novo Nordisk A/S in a research report on Monday, July 20th. HSBC reaffirmed a “hold” rating on shares of Novo Nordisk A/S in a research note on Monday, July 6th. Weiss Ratings reissued a “sell (d+)” rating on shares of Novo Nordisk A/S in a research report on Monday, July 20th. Finally, Nordea Equity Research upgraded Novo Nordisk A/S from a “hold” rating to a “buy” rating in a report on Friday, June 19th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Novo Nordisk A/S has an average rating of “Hold” and an average target price of $65.56.

Novo Nordisk A/S Company 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.