Connor Clark & Lunn Investment Management Ltd. Lowers Stake in Novo Nordisk A/S (NYSE:NVO)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 59.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 63,912 shares of the company's stock after selling 91,815 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Novo Nordisk A/S were worth $7,610,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. 1620 Investment Advisors Inc. purchased a new stake in Novo Nordisk A/S in the 2nd quarter valued at $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Novo Nordisk A/S during the second quarter worth about $25,000. Gilliland Jeter Wealth Management LLC grew its holdings in shares of Novo Nordisk A/S by 200.0% during the second quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company's stock worth $26,000 after buying an additional 120 shares during the last quarter. Halpern Financial Inc. increased its position in Novo Nordisk A/S by 113.0% in the 2nd quarter. Halpern Financial Inc. now owns 213 shares of the company's stock valued at $30,000 after acquiring an additional 113 shares during the period. Finally, Abound Wealth Management raised its stake in Novo Nordisk A/S by 257.4% during the 2nd quarter. Abound Wealth Management now owns 218 shares of the company's stock valued at $31,000 after acquiring an additional 157 shares during the last quarter. Hedge funds and other institutional investors own 11.54% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $160.00 target price on shares of Novo Nordisk A/S in a report on Wednesday, November 6th. StockNews.com upgraded shares of Novo Nordisk A/S from a "buy" rating to a "strong-buy" rating in a research report on Friday, November 1st. Finally, BMO Capital Markets reduced their target price on shares of Novo Nordisk A/S from $160.00 to $156.00 and set an "outperform" rating for the company in a research note on Thursday, October 17th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $144.50.

Novo Nordisk A/S Price Performance

Shares of NYSE NVO traded up $2.43 during trading on Friday, reaching $105.06. The company had a trading volume of 6,143,345 shares, compared to its average volume of 6,739,271. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.43. Novo Nordisk A/S has a twelve month low of $94.73 and a twelve month high of $148.15. The stock has a 50-day moving average price of $115.48 and a two-hundred day moving average price of $128.79. The stock has a market capitalization of $471.46 billion, a PE ratio of 34.00, a price-to-earnings-growth ratio of 1.32 and a beta of 0.42.

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.