Fisher Asset Management LLC Decreased Stake in Novo (NYSE:NVO) by $15.04 Million as Shares Declined


Ken Fisher decreased its stake in Novo (NYSE:NVO) by 2.35% based on its latest 2016Q2 regulatory filing with the SEC. Fisher Asset Management Llc sold 268,604 shares as the company’s stock declined 5.43% while stock markets rallied. The hedge fund run by Ken Fisher held 11.18M shares of the major pharmaceuticals company at the end of 2016Q2, valued at $627.47M, down from 11.45 million at the end of the previous reported quarter. Fisher Asset Management Llc who had been investing in Novo for a number of months, seems to be less bullish one the $94.20 billion market cap company. The stock is down 0.69% or $0.32 after the negative news, hitting $45.78 per share. About 3.90 million shares traded hands or 12.39% up from the average. Novo Nordisk A S (ADR) (NYSE:NVO) has declined 1.96% since February 8, 2016 and is downtrending. It has underperformed by 18.44% the S&P500.

Fisher Asset Management Llc, which manages about $52.63 billion US Long portfolio, upped its stake in Wipro Ltd Adr (NYSE:WIT) by 278,170 shares to 1.25M shares, valued at $16.16M in 2016Q2, according to the filing. It also increased its holding in Netscout Sys Inc (NASDAQ:NTCT) by 1.56M shares in the quarter, for a total of 3.28M shares, and has risen its stake in Chevron Corp New (NYSE:CVX).

Ken Fisher is an investor and also an author of several books. He is also in Forbes top 400 wealthiest people rank. Ken Fisher started his private investment firm Fisher Investments in 1979.

Out of 6 analysts covering Novo-Nordisk (NYSE:NVO), 2 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 33% are positive. Novo-Nordisk has been the topic of 6 analyst reports since October 19, 2015 according to StockzIntelligence Inc. JP Morgan downgraded the stock on September 9 to “Neutral” rating. HSBC upgraded the shares of NVO in a report on August 31 to “Hold” rating. Lastly, UBS downgraded the stock to “Sell” rating in a February 8 report.

Novo Nordisk A/S is a healthcare company. The company has a market cap of $94.20 billion. The Firm is engaged in discovery, development, manufacturing and marketing of pharmaceutical products. It has a 21.47 P/E ratio. The Company’s business divisions include diabetes and obesity care, and biopharmaceuticals.

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