Comerica Bank lowered its position in Novo Nordisk (NYSE:NVO) by 19.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 148,969 shares of the company’s stock after selling 36,136 shares during the quarter. Comerica Bank’s holdings in Novo Nordisk were worth $7,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently added to or reduced their stakes in NVO. Aevitas Wealth Management Inc. acquired a new position in shares of Novo Nordisk in the fourth quarter valued at approximately $107,000. SeaCrest Wealth Management LLC acquired a new position in shares of Novo Nordisk in the fourth quarter valued at approximately $176,000. Charter Trust Co. acquired a new position in shares of Novo Nordisk in the fourth quarter valued at approximately $201,000. Addenda Capital Inc. acquired a new position in shares of Novo Nordisk in the fourth quarter valued at approximately $201,000. Finally, Lakeview Capital Partners LLC acquired a new stake in Novo Nordisk during the 4th quarter valued at approximately $204,000. 6.64% of the stock is owned by institutional investors.
Separately, Zacks Investment Research downgraded shares of Novo Nordisk from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $64.00.
NYSE:NVO opened at $48.99 on Friday. The company has a market cap of $119.39 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.51 and a beta of 0.66. Novo Nordisk has a fifty-two week low of $48.52 and a fifty-two week high of $48.90.
Novo Nordisk announced that its board has authorized a share repurchase plan on Thursday, February 1st that permits the company to buyback shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
About Novo Nordisk
Novo Nordisk A/S, a healthcare company, engages in the discovery, development, manufacture, and marketing of pharmaceutical products worldwide. It operates in two segments, Diabetes Care and Obesity, and Biopharmaceuticals. The Diabetes Care and Obesity segment provides insulins, GLP-1 and related delivery systems, and oral anti-diabetic drugs and obesity.
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