SouthState Corp Reduces Stock Position in Novo Nordisk A/S (NYSE:NVO)

SouthState Corp lowered its stake in shares of Novo Nordisk A/S (NYSE:NVO - Free Report) by 11.9% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 50,725 shares of the company's stock after selling 6,842 shares during the period. SouthState Corp's holdings in Novo Nordisk A/S were worth $6,040,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Natixis Advisors LLC increased its stake in Novo Nordisk A/S by 2.7% during the 3rd quarter. Natixis Advisors LLC now owns 3,074,876 shares of the company's stock worth $366,125,000 after buying an additional 80,070 shares during the period. Zions Bancorporation N.A. raised its stake in shares of Novo Nordisk A/S by 57.0% in the third quarter. Zions Bancorporation N.A. now owns 18,535 shares of the company's stock valued at $2,207,000 after acquiring an additional 6,726 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Novo Nordisk A/S by 14.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 289,438 shares of the company's stock valued at $34,463,000 after purchasing an additional 37,346 shares during the period. Private Wealth Partners LLC grew its stake in Novo Nordisk A/S by 155.1% during the 3rd quarter. Private Wealth Partners LLC now owns 33,203 shares of the company's stock worth $3,953,000 after purchasing an additional 20,188 shares in the last quarter. Finally, Buckingham Capital Management Inc. purchased a new stake in Novo Nordisk A/S during the 3rd quarter worth about $3,874,000. Hedge funds and other institutional investors own 11.54% of the company's stock.

Analyst Ratings Changes

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

Novo Nordisk A/S Stock Performance

Shares of NYSE:NVO traded up $2.82 during midday trading on Tuesday, hitting $102.63. The stock had a trading volume of 5,354,076 shares, compared to its average volume of 4,480,749. The company has a market capitalization of $460.56 billion, a PE ratio of 32.30, a P/E/G ratio of 1.31 and a beta of 0.42. The stock has a 50 day moving average price of $117.94 and a two-hundred day moving average price of $129.42. Novo Nordisk A/S has a 1 year low of $94.73 and a 1 year high of $148.15. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.43.

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.