Carnegie Investment Counsel 13F: Cuts NVO Stake by $1.8M
Key Points
- Carnegie Investment Counsel reduced its Novo Nordisk A/S holdings by 48,696 shares, ending the period with 121,560 shares worth about $4.61 million.
- Other large investment firms also adjusted their positions, with Dodge & Cox growing its holdings by 1,063,356 shares to end with 20,397,110 shares valued at approximately $806.91 million.
- Novo Nordisk A/S recently traded around $39.51 per share, sitting well below its 52-week high as the healthcare company prepares to report its next earnings on November 4, 2026.
Since the filing, $NVO is up 0.5% to date (from the $39.35 close on Oct 20, 2026).
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Carnegie Investment Counsel trimmed its stake in Novo Nordisk A/S (NYSE:NVO) by 48,696 shares during the quarter, according to a Form 13F filing disclosed on October 20, 2026. The firm owned 121,560 shares of the healthcare company valued at approximately $4,608,341 at the close of the period.
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What Changed in Carnegie Investment Counsel's Novo Nordisk Position
The adjustment marked a 28.6% reduction in the firm's holdings of Novo Nordisk stock compared to the prior count of 170,256 shares. Novo Nordisk shares closed at $39.35 on the filing date.
Other Institutional Activity in Novo Nordisk
Other major institutional investors made substantial adjustments to their Novo Nordisk positions ahead of the filing. Dodge & Cox Inc. grew its holdings by 1,063,356 shares, ending with 20,397,110 shares worth about $806,911,722. LOOMIS SAYLES & CO L P lifted its stake by 1,577,465 shares to finish with 18,594,352 shares valued at approximately $735,594,434. Franklin Resources, Inc. trimmed its position by 3,043,140 shares, bringing its total to 13,041,109 shares worth about $515,907,583. Capital International Investors reduced its holdings by 2,074,937 shares, ending with 9,721,180 shares valued at approximately $384,570,858. Meanwhile, Generate Investment Management sold out entirely, liquidating all 350,000 of its shares.
Novo Nordisk A Stock Up 0.4%
Novo Nordisk shares recently traded around $39.51, up about 0.4% since the filing date. The stock has traded between a 52-week low of $35.12 and a 52-week high of $64.16.
Recent Earnings
The drug manufacturer operates through two main segments focused on diabetes care, obesity treatments, and rare diseases. The company is scheduled to release its next financial results on November 4, 2026.
Dividend
Novo Nordisk pays an annual dividend rate of $1.80 per share, which corresponds to a dividend yield of 4.6% based on recent trading levels.
Analysts Set New Price Targets
Wall Street firms have recently updated their views on the stock. Morgan Stanley maintained an Underweight rating with a $40.00 price target on September 11, 2026. Later, on October 12, 2026, BMO Capital kept a Market Perform rating while adjusting its price target from $47.00 to $40.00.
About Novo Nordisk
Headquartered in Bagsvaerd, Denmark, Novo Nordisk is a global healthcare company that researches, develops, and manufactures pharmaceutical products. Its operations center on treatments for diabetes, obesity, cardiovascular conditions, and rare blood and endocrine disorders, employing a workforce of roughly 66,700 people.
Bottom Line
Institutional investors continue to reallocate capital as Novo Nordisk approaches its upcoming earnings report on November 4, 2026. Market participants will monitor subsequent regulatory filings to track how major shareholders position themselves heading into the final stretch of the year.
Related Filing Alerts
Source: Carnegie Investment Counsel's 13F filing on $NVO (Oct 20, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts