Renaissance Technologies, known for its quantitative trading and impressive track record, is one of the most successful hedge funds in the world.

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Founded by Jim Simons, Renaissance Technologies has consistently outperformed the market, boasting annualized returns exceeding 30% over the past 20 years.

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Investors keen on stock investing often look to Renaissance for top stock picks for 2024 and beyond.

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In a recent move, Renaissance Technologies made a notable adjustment in its holdings of Novo-Nordisk A/S (NVO). The fund reduced its position by 3,063,261 shares, which equates to a 22% decrease, bringing its total shares down from 13,849,335 in Q4 2023 to 10,786,074 in Q1 2024.

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Despite this significant reduction in shares, the value of the holdings only saw a minor decline of 3%, dropping from $1,432,714,000 to $1,384,932,000.

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This modest dip in value compared to the sharp decrease in shares suggests that Novo-Nordisk's stock price remained robust, helping to maintain the overall value of the position at a high level.


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What were Novo Nordisk A/S's Last Earnings in the Earnings Report?

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Novo Nordisk A/S reported its first-quarter financial results for 2024, showcasing substantial growth and continued profitability. Here are the key highlights from their Q1 2024 earnings report:

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Revenue: Novo Nordisk's revenue for Q1 2024 reached DKK $65.35 billion, a 22.45% increase year-over-year. This impressive growth was driven by strong performance across various segments of the company.

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Net Income and EPS: The company reported net income of DKK $25.41 billion, representing a 28.23% increase year-over-year. Diluted earnings per share (EPS) came in at DKK $5.68, marking a 29.38% rise compared to the previous year.