Should You Invest in Novo Nordisk A/S (NVO) Stock?

ClearBridge Investments, an investment management company, published its “ClearBridge International Growth ADR Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark in the third quarter, the MSCI EAFE Index. Overall stock selection and sector allocation attributed to the strategy’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like Novo Nordisk A/S (NYSE:NVO) in its Q3 2022 investor letter. Headquartered in Bagsvaerd, Denmark, Novo Nordisk A/S (NYSE:NVO) is a pharmaceutical company that operates in Diabetes and Obesity care, and Biopharma segments. On November 22, 2022, Novo Nordisk A/S (NYSE:NVO) stock closed at $115.38 per share. One-month return of Novo Nordisk A/S (NYSE:NVO) was 6.67% and its shares gained 5.45% of their value over the last 52 weeks. Novo Nordisk A/S (NYSE:NVO) has a market capitalization of $259.853 billion.

ClearBridge Investments made the following comment about Novo Nordisk A/S (NYSE:NVO) in its Q3 2022 investor letter:

“The proceeds from our repositioning sales continue to be put to work across the Strategy’s secular and structural growth buckets. In particular, we have been adding more to secular, quality compounders such as Danish biotech company Novo Nordisk A/S (NYSE:NVO) and Japanese medical equipment supplier Olympus (OTCPK:OCPNF). These companies have strong balance sheets, good cash flow generation and significant pricing power, characteristics that should enable them to get stronger through the storm impacting international equities.”

Novo Nordisk A/S (NYSE:NVO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Novo Nordisk A/S (NYSE:NVO) at the end of the third quarter, which was 32 in the previous quarter.

We discussed Novo Nordisk A/S (NYSE:NVO) in another article and shared the best European dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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