Novo Nordisk A/S (NYSE: NVO) develops and markets treatments for diabetes, obesity, and other chronic diseases, making it the global leader in this space. With blockbuster drugs like Ozempic and Wegovy, the company has risen into one of the most valuable healthcare giants in the world. Shares recently traded near $57, giving Novo a market cap of about $254 billion. After a decade of steady growth, Novo has become the face of the global fight against diabetes and obesity, reshaping treatment standards and building one of the most profitable franchises in pharmaceuticals.
The stock has fallen 58% over the past year as investors question whether its rapid growth can continue amid pricing pressure, supply concerns, and rising competition. Novo’s high margins, strong pipeline, and global reach may give it lasting advantages, but expectations are high, making it a battleground name for institutions.
Once closely tied to its Danish foundation and family roots, Novo Nordisk is now a core holding for sovereign wealth funds, retirement systems, and global asset managers. Novo A/S, the controlling shareholder, still anchors the company, but most shares are widely held across the world’s largest investors.
Looking at ownership trends and insider activity helps reveal whether big investors are showing confidence or pulling back.
The Big Investors Behind Novo Nordisk’s Stock
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Novo Nordisk develops treatments for diabetes, obesity, and other chronic diseases, and its Novo Nordisk develops treatments for diabetes, obesity, and other chronic diseases, and its shareholder base is anchored by Novo A/S alongside the world’s largest asset managers.
- Novo A/S: 177.6M shares (5.24%), ~$10.1B. No change.
- Capital Research Global Investors: 134.9M shares (3.98%), ~$7.7B. Cut 882K (-0.65%).
- Vanguard Group: 107.0M shares (3.16%), ~$6.1B. Added 839K (+0.79%).
- Norges Bank: 77.9M shares (2.30%), ~$4.4B. Cut 253K (-0.32%).
- BlackRock: 58.7M shares (1.73%), ~$3.35B. Added 214K (+0.37%).
- Capital World Investors: 39.8M shares (1.17%), ~$2.3B. Small increase (+0.11%).
- Fundsmith LLP: 27.6M shares (0.81%), ~$1.6B. No change.
- Wellington Management: 20.5M shares (0.61%), ~$1.2B. Reduced 6.7M (-24.5%).
One highlight from last quarter is Balyasny Asset Management LP’s big increase, boosting its Novo Nordisk position by nearly 399%. The fund now owns about 1.53 million shares worth $106 million, a strong show of confidence in the company after its steep share price decline.
Another notable move came from Chilton Investment, which lifted its stake by 268% to roughly 11,500 shares worth $791K. While much smaller in scale, it adds to the list of hedge funds selectively building exposure to Novo.
Index giants like Vanguard and BlackRock continue to add exposure, keeping steady demand in place. Wellington’s large cut may reflect more caution from active managers about Novo’s near-term growth.
See whether Novo Nordisk’s top shareholders are buying or selling today >>>
What Novo Nordisk’s Insiders Are Doing
Insider activity offers a window into how leadership views the company’s prospects. At Novo Nordisk, executives have mostly reduced their holdings in 2025, and there has been no notable insider buying. While sales can often reflect scheduled plans or diversification, the absence of buying may suggest that management is not signaling strong conviction at current prices.
For investors, insider trends can be worth watching, as they sometimes hint at how confident leaders are in near-term growth and valuation.
Here are some recent insider sales:
- Ludovic Helfgott (EVP): Sold 10K–28.7K shares across May–Aug between $46–70.
- Martin Holst Lange (EVP): Sold ~14K shares at ~$49.
- Marcus Schindler (EVP): Sold 40K shares at $86.3.
- Lars Fruergaard Jørgensen (CEO): Disposed ~34K shares in Feb at $86–87.
These appear like routine or planned disposals, but the lack of insider buying may point to management being hesitant to signal confidence at current levels. Investors may interpret this as a wait-and-see stance rather than a clear show of conviction.
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What the Ownership & Insider Trade Data Tell Us
Ownership of Novo Nordisk is anchored by Novo A/S, which ensures stability, while global index giants like Vanguard and BlackRock continue to provide steady demand. At the same time, active managers appear more divided, with some trimming their exposure. Wellington’s sharp reduction is the clearest sign that not all institutions are comfortable with the near-term outlook.
On the insider side, recent activity has leaned toward sales. These may well be routine or linked to diversification, but the lack of insider buying means investors are not getting a strong signal of confidence from management.
Novo Nordisk remains a world-class healthcare company with exceptional profitability, but both institutions and insiders look cautious about adding more at today’s valuation.
For investors, this suggests patience may be the dominant stance until growth visibility improves.
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